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Stocks tread water ahead of Eid holidays July 20, 2021 Stocks were little changed in thin trade on Monday as investors prepared for Eid al-Azha holiday break, traders said. Pakistan Stock Exchange (PSX) benchmark KSE 100-Share Index closed higher by 38.93 points or 0.08 percent to end at 47,873.26 points against 47,834.33 points recorded in the last session. Intraday high was 48,004.54 points, while the lowest level of the day was recorded at 47,751.72 points. Ahsan Mehanti, analyst at Arif Habib Corp, said, “Stocks closed higher amid thin trade on speculation in the earnings season. Mid-session pressure persisted on falling global crude oil prices and diplomatic row.” Surge in local petroleum prices, negotiations with independent power producers (IPP) for circular debt resolution and deals, as well as likely hike in local power tariff played a catalytic role. ....
Stocks sluggish as investors stick to sidelines July 16, 2021 Stocks on Thursday started with a sideways drift but later made some gains that were capped by late profit-booking ahead of eid holidays, traders said. Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index could only manage to gain 136.79 points or 0.29 percent to close at 47,628.26 points, while it tested a day high of 47,736.13 points and a low of 47,388.55 points. Zafar Moti, former director PSX, said the market kept going up and down during the session. “The market remained directionless ahead of last working day of the week (Friday).” Moti said there were concerns over Taliban issue as it was not good news for Pakistan. “Petrol prices are increasing. There is a liquidity crunch while real picture of the stocks will become clear after Eid,” Moti added. ....
PSX gains 136 points to close at 47,628 points dunyanews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dunyanews.tv Daily Mail and Mail on Sunday newspapers.
Stocks skyrocket as institutions amass big names July 9, 2021 Stocks blasted off to the upside on Thursday after China’s avowal to back Pakistan in thick and thin sent sentiments through the roof sparking pre-earnings season institutional buying in big names, traders said. Pakistan Stock Exchange s (PSX) benchmark KSE-100 Share Index jumped 805.25 points or 1.70 percent to 48,053.17 points, while it touched a day low of 47,247.92 points during the trade. Speaking at a seminar on Wednesday, Chinese State Councilor and Foreign Minister Wang Yi said, “No matter how the international landscape shifts, China will always stand side by side with Pakistan and staunchly support it in safeguarding national independence, sovereignty, and territorial integrity, and in blazing a development path suited to Pakistan s national realities to realise the grand vision of a ‘New Pakistan’ ”. ....
Stocks lose for third day as economic angst lingers July 8, 2021 Stocks on Wednesday lost for the third straight session as institutional investors continued to cut down their exposure on economic and geopolitical noise, traders said. Pakistan Stock Exchange s (PSX) benchmark KSE-100 Share Index shed 98.24 points or 0.21 percent to close at 47,247.92 points, touching a day high of 47,375.67 points and a low of 47,034.64 points. Muhammad Arbash, analyst at Topline Securities said equities came under some selling pressure after trading in a narrow range. During the session, the market tested a low of 311 points as investors were concerned over high commodity prices, geopolitical concerns, and collection of CGT (Capital Gain Tax) for 11MFY21, he said. ....