Stocks drift lower in choppy week

Published February 28, 2021
Stocks were under pressure in the outgoing week with the KSE-100 index losing 363 points, or 0.8 per cent, and close at 45,867 points. — AFP/File
Stocks were under pressure in the outgoing week with the KSE-100 index losing 363 points, or 0.8 per cent, and close at 45,867 points. — AFP/File

KARACHI: Stocks were under pressure in the outgoing week with the KSE-100 index losing 363 points, or 0.8 per cent, and close at 45,867 points.

Equities closed in the red in four of the five trading sessions. The big worry on the investors’ mind was the possible outcome of the FATF plenary meeting which took place between Feb 22 to 25 to determine Pakistan’s status. Although the FATF board admitted that progress had been made by the country on the anti-money laundering measures, it still remained short by 3 of the 27 initial action points that resulted in postponement of Pakistan getting off the grey list still June.

Other than that the rising political noise leading to the Senate elections on March 3 kept investors in check, so did the blues that come with the roll-over week and concerns about the satisfactory settlement by the end of the week.

Going forward, stock strategists are generally confident that the market is likely to climb in the week ahead as uncertainty ended after FATF’s decision to retain Pakistan on grey list till June.

The government vows to lift all bans related to the Covid-19 next month which is a major positive for economic activities and the market. On the political front temperatures are likely to rise leading to the elections to the Senate on March 3.

Across the border the ceasefire with India on the Line of Control is a right contribution in creating geo-political stability.

Some of the top-tier corporates would disclose financial results in the upcoming week where investors hope for healthy profit and pay-outs that could further support the market sentiments.

Published in Dawn, February 28th, 2021

Opinion

Diverging paths
Updated 15 Apr 2021

Diverging paths

It seems that Imran Khan is feeling the pain of the adjustment that he has had to undertake.
Judging the judges
15 Apr 2021

Judging the judges

In the end, like Joan of Arc, they were made to pay with their blood.
People to people
Updated 15 Apr 2021

People to people

By facilitating access, the governments of India and Pakistan can start to build trust and understanding between the two publics.
Hostage to extremism
Updated 14 Apr 2021

Hostage to extremism

Once again, the TLP has succeeded in bringing the administration to its knees.

Editorial

Afghanistan exit
Updated 15 Apr 2021

Afghanistan exit

Afghanistan has suffered for decades as powerful local players have refused to compromise and have insisted on hogging power.
15 Apr 2021

New census

EARLIER this week, the Council of Common Interests approved the controversial National Population and Housing ...
15 Apr 2021

With no place to go

No matter where one looks, one can’t escape the heartrending sight of scores of children of all ages begging, ...
TLP protests
Updated 14 Apr 2021

TLP protests

For the good of the country, and its image as a nation where extremism has no place, such groups must be strictly reined in.
14 Apr 2021

PPP’s formal exit

THE PPP’s formal resignation from all offices of the PDM comes as no surprise after weeks of tension and public...
14 Apr 2021

Natanz attack

AS the P5+1 and Iran try to breathe life back into the JCPOA, as the nuclear deal is officially known, it appears...