Saturday, October 23, 2021

Late tech rally lifts stocks from early lows - The News International

Last updated Monday, October 4, 2021 20:58 ET , Source: TopWireNews

KARACHI: Stocks on Monday fell prey to foreign selling, but were rescued by a technology rally amid hopes of strong quarterly earnings and successful IMF loan talks, traders said.
KSE-100 Shares Index, the benchmark of the Pakistan Stock Exchange (PSX), gained 172.80 points or 0.39 percent to close at 45,044.50 points, testing a day high and low of 45,105 and 44,552.70 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said stocks showed sharp recovery led by scrips across the board ahead of quarter-end financial results due this week and reports of 26 percent surge in exports in September 2021 to $2.4 billion.
Surging global crude oil prices and speculations on likely release of $1 billion IMF International Monetary Fund’s Extended Funding Facility, $3.6 billion Saudi deferred payment facility helped built bullish sentiment, he said.
KSE-30 Shares Index also moved higher by 75.86 points or 0.43 percent to 17,684.02 points. Traded shares decreased 105 million shares to end flat at 267 million shares, while traded value rose to Rs10.09 billion from Rs9.02 billion. Market capital inched up to Rs7.846 trillion from Rs7.808 trillion. Of 545 actives in the session, 348 were advancers, 192 retreaters, and five ended up as neutrals.
Despite of some gloomy economic scenario in the country, there was good news that startup investment in the country had increased. Topline Securities in a note said equities started the week on a bearish note with the benchmark index printing an...

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