PSX likely to remain range-bound this week

22
Karachi

The Pakistan Stock Exchange (PSX) is likely to remain range-bound in the coming week starting today (Monday) due to the Afghan situation, despite four back-to-back red sessions in the previous rollover week.

The evolving situation in Afghanistan, depreciation of Pakistani rupee against the US dollar and Covid concerns also hit the market hard, with the benchmark KSE-100 Index shedding around 975 points in the last four sessions.

Overall, the KSE-100 index dived 463 points (around 1 percent) to close the week at 47,136.53 points.

Moreover, profit-taking was also due in the start of the week because of heavy green sessions in the end of the preceding week and on Monday last when the market gained around 500 points.

The receipt of $2.75 billion from the International Monetary Fund by the State Bank of Pakistan under the SDR allocations failed to restore investor interest.
Bears ruled four out of the five trading sessions at the Pakistan Stock Exchange (PSX).

Trading kicked off on a bullish note as investors’ interest in index-heavy sectors, a significant jump in international oil prices and news reports of Airlift – a Pakistani startup – securing $85 million in Series B funding triggered a rally in exploration and production and technology sectors.

Previous articleBalochistan’s mines & minerals sector witnesses 56 percent rise in annual royalty
Next articleGold likely to move sideways after 2.04pc gain on weekly basis