Pakistan Stock Exchange closes below 40000 points
The 100-index at Pakistan Stock Exchange recorded a decline of 398 points.
KARACHI (Dunya News) - Pakistan Stock Exchange (PSX) closed below 40000 points on concerns of continuous outflow from foreign investors, economic woes and political uncertainty, bruising the moods of the investors.
The 100-index at Pakistan Stock Exchange recorded a decline of 398 points or 1 percent to 39634 points. Volume was up sharply to 5.365 million shares as compared with 4.252 million shares of Monday. The market capitalization slipped to Rs 8.309 trillion versus Rs 8.368 trillion.
Rising volume indicated that selling pressure evident in different sectors starting from oil, to gas to fertilizer and banking sector.
The political temperature trimmed the share values as daily investors heard about bad blood, which has been denting the sentiment. Moreover, the economic numbers also blowing up the situation. The current account and trade deficits have been the major obstacles.
The situation would take time to normalize, economic pundits were of the view that foreign investors have been anxiously waiting for the rupee depreciation as they believe that though it is right time to invest but any amount of devaluation would erode their investment. The market would take time to digest the happenings at the political front and might see some more downward correction before settling down.
(Story by Haris Zamir)
