KARACHI: After starting the trading week on a bearish note, the Pakistan Stock Exchange (PSX) rebounded significantly on Tuesday. The PSX surged 964 points, a 1.21% increase, lifting the index from the previous closing of 78,539 points to 79,503 points.
Yesterday, the KSE 100 Index marked a sharp decline of 1,578 points or 2.01% to reach 78,539 points, three days after it reached an all-time high of 81,800 points during intraday trade.
The market opened with a decline of 391 points Monday, bringing the index down to 79,726 points. As the day progressed, the PSX saw a further drop of 517 points, causing the KSE 100 Index to fall further to the 79,600 points level.
On Friday, the stock market experienced a severe downturn and dropped by 1,721 points to reach 80,117 points but it recovered shortly by Sunday, where bulls staged a comeback and pushed the KSE-100 index to an all-time high above 80,000 points.

The post Stock market rebounds with nearly 1,000-point surge appeared first on The Financial Daily.

KARACHI: Market observed an overall nerve jolting session as index remained in flux. A hefty surge in foreign remittance assisted market to start positively. Positivity lasted for shortwhile and soon market took uturn. Investors remained on backfoot feeling nervous regarding outcome of upcoming FATF meeting.
The benchmark KSE-100 index closed higher by 0.64 point to close at 42,531.31 points. KSE All Share Index decreased by 13.54 to end at 30,232.67, KSE 30-Index declined by 25.54 points to conclude at 18,034.69 whereas KMI 30-Index dipped by 161.83 points to finish the day at 67,825.05 levels.
According to Research Desk at Aba Ali Habib Securities local bourse witnessed choppy session, as the benchmark oscillated between green and red zone. However, market closed flat with marginal gain of 0.64 points at 42,531.31 level. The choppy behavior of the market was largely induced by the upcoming Asia-Pacific Group (APG) meeting which is to be held on 15 and 16 September. In that meeting Pakistan’s measures taken against money laundering will be reviewed and forwarded to FATF. During the day SBP published remittances data, wherein it surged 24%YoY to $2.095bn in Aug’20 which also drove investors’ sentiments accordingly. At these levels investors are cautious to take new positions as market currently stands at pre-Covid-19 levels. Going forward, the upcoming FATF meeting and monetary policy would drive investors’ trading strategy. During the session, the index found its support and resistance at 42,367.81 ppts and 42,720.98 ppts, respectively. Sector-wise Oil & Gas Marketing Companies (OMC) sector remained in limelight throughout the trading session which fetched total volume of 80.05mn shares. Commercial Banking sector was the second most traded sector which recorded total volume of 61.31mn shares followed by Food & Personal Care Product sector which fetched volume of 54.71mn shares.
The advance to decline ratio in the broader market remained in favor of bears. Out of 428 scrips, 184 scrips advanced, 231 declined while the value of 13 scrips remained intact.
The ready market volume descended by 3.17 per cent to 526.186 million shares as compared to 884.963 million shares traded on last trading day.
Hascol Petroleum Limited topped the list of actives, closed higher by Rs 0.91 at Rs 22.99 on 67.08 million shares followed by Pakistan International Bulk Terminal Limited increased by Rs 0.40 at Rs 13.95 on 42.94 million shares and Fauji Foods Limited improved by Rs 1.23 at Rs 17.70 on 29.88 million shares.
Other actives were Unity Food Limited ascended by Rs. 0.61 at Rs 16.14 on 25.35 million shares and Bank of Punjab dipped by Rs 0.04 at Rs 10.02 on 20.44 million shares.
The overall market capitalization dipped by Rs 8.178 billion to Rs 7.9660 trillion against Rs 7.9742 trillion observed on last trading day.
Nestle Pakistan Limited and Hinopak Motor Company Limited remained the top gainer by Rs 136.99 and Rs 46.70 to close at Rs 6,787.00 and Rs 699.47 respectively, while Unilever Pakistan Foods Limited and Island Textile Mills Limited were among the major losers which lost Rs 100.00 and Rs 66.08 to close at Rs 13,400.00 and Rs 937.00 respectively.

The post FATF meeting concern keeps market choppy appeared first on The Financial Daily.