PSX dips below 40000 level as economic, political issues worry investors
The stock market failed to sustain the selling pressure from the financial institutions.
KARACHI (Dunya News) - Pakistan Stock Exchange once again is in the hot waters and the index slipped below 40000 level over the political happenings and weakness at the economic front.
The stock market opened on a positive note but failed to sustain the selling pressure from the financial institutions and some leading brokerage houses. The index made a low of 39659 points and high of 40125 points. The main reason behind was the continuous political happenings in the court and the outside the court sending negative signals.
Another factor was the weakness at the economic fronts specially the external issues, paying ability of the country on overseas loans. There was general belief that the domestic currency might slide but exact timing could not be confirmed.
Moreover, the country lacks decision on financial issue after Prime Minister Shahid Khaqqan Abbasi approved sick leave of Finance Minister Ishaq Dar. It appears that the ministry lacks immediate decision making authority, creating grave situation for the economy.
Foreign investors have been on the continuous selling side and market makers need big positive news to overcome from the bearish mood.
