Connect with us

Business

Stocks regain 912 points in short week – Journal

 


KARACHI: The Pakistan Stock Exchange (PSX) made a strong rally in the shortened outgoing week (four sessions) with the KSE-100 index rising 912 points, or 1.3 percent, to settle at 45,175.

After nearly two months of depression, investors took courage and were encouraged by several positive developments. Finance Minister Shaukat Tarin said Pakistan would contact the IMF for easing under certain difficult conditions. He also said that his goal would be to accelerate the growth of the economy, which was welcomed by the market.

The week also saw the approval of the disbursement of the first tranche of circular debt clearance which put the power sector in the lead as the main outperformer. There has also been some relief over new cases of Covid-19 that have been refused, ruling out a major lockdown in other major cities after it was imposed on Khyber Pakhtunkhwa and Punjab. Other notable news during the week included that FBR surpassed its revenue raising target of Rs 34 billion.

On the corporate front, the earnings season ended with companies in the KSE-100 index posting stellar 82% growth in quarterly profits. Local oil sales for April saw a 57% year-over-year improvement, which was seen as an indication of the economic recovery; cement shipments for April also showed cumulative growth of 10MFY21 to 19pc.

On the other hand, the European Parliament adopted a resolution to review trade relations with Pakistan, which placed the country’s GSP + status in the red zone. Domestic consumption inflation for April was recorded at 11.1% higher than expected year-over-year; the trade deficit widened by 21.6% in 10MFY22.

Foreign investors became net buyers of shares worth $ 1 million in the outgoing week, compared to a net sale of shares of $ 13.1 million the week before. The purchase was seen in technology and communications ($ 1.2 million) and cements ($ 0.7 million). Domestically, significant sales were reported by insurance companies on stocks valued at $ 3.3 million and banks / DFIs $ 3.1 million.

Positive sector contributions come from banks (240 points), cement (139 points), fertilizers (124 points), electricity (107 points) and food and personal care (62 points). The main contributors to the index were led by Lucky Cement (107 points), Hubco (80 points), HBL (68 points), Unity Foods (63 points) and MCB Bank (56 points). Average daily traded volume fell 27% per week to 241 million shares, while average traded value fell 33% to $ 74 million.

Going forward, the market trend after the extended Eid holiday would be determined by the number of Covid cases; MSCI’s upcoming announcement and FY22 budget information flows. Some market pillars advise caution as stocks could take a plunge on possible tighter lockdowns as Concerns continue to mount over the pandemic disaster in India. But the bulls continue to sell optimism on the back of further progress on circular debt clearance that could fuel investor interest in energy blue chips and other undervalued stocks.

Posted in Dawn on May 9, 2021

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]