![]() ![]() Selling pressure was observed across the board from banks to oil and cement companies without showing interest in a reduction in duties on the import of raw material for various sectors. The budget largely disappointed investors, who had expected major tax cuts and incentives in the budget which the government itself termed a 'corona budget'. The benchmark index overall lost 796 points and closed down by 787 points. 'Going forward, we expect the market to remain negative and recommend investors to buy on dips,' the analyst said.Īrif Habib Limited, in its report, stated that the market did not respond well to the government's budget announcement. Traded value stood at $50 million, up 31% and volumes came in at 263 million shares, up 48%. 'There was positive news in the budget for cement, steel and pharmaceutical sectors whereas negative news for textile and automobile sectors.' 'The market came under pressure on the back of disappointment that followed the federal budget for FY21,' he said. JS Global analyst Danish Ladhani said the benchmark KSE-100 index nosedived, shedding 787 points and closing at 33,824. Selling pressure gained momentum as the trading session progressed, dragging the index down to below 34,000 points.Īt close, the benchmark KSE-100 index recorded a decrease of 786.72 points, or 2.27%, to settle at 33,824.51 points. Investors resorted to profit-booking over quashed hopes for a business-friendly budget. The Dubai CSD will accept the letter under the condition that the letter must specify that the reason to transfer securities to Bahrain is in order to re-transfer the securities to the Al Kuwait Stock Market.Also fuelling bearish sentiment was a plunge in global stock markets on the back of fears of a second wave of Covid-19 infections as many countries, including China, once again reported high number of cases.Įarlier, trading began with a dip and the overall pessimism restrained the market from posting gains. ![]() And in this case, usually the investor's letter for withdrawal of the shares does not mention the investor 's number or investor 's account details with the member. Note: In some cases there are requests to withdraw Gulf Financial House shares from the Dubai Financial Market (DFM) to the Al Bahrain Stock Market to re-transfer shares to the Al Kuwait Stock Market, and the reason for this is there is no sub-listed agreement signed between the DFM, Gulf Financial House and the Kuwaiti Company for Clearance.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |