PSX records fresh decline of 132 points, touches 43363
The market was full of negative news on economic and brokerage house fronts.
KARACHI (Dunya News) - Pakistan Stock Exchange (PSX) was on the losing side on Friday because of recent wave of selling pressure in investment and trading stocks.
The market lacked positive news and investors’ mood was depressed where selling pressure in small lots appeared in the market. Pakistan Stock Market index recorded a fresh decline of 132 points to 43363 points. Declines led the table where 217 companies showed negative signs as against 128 gains.
The market was full of negative news on economic and brokerage house fronts. IMF recently in a report showed concerns on economic numbers and was accepted by the advisor to prime minister Mifftah Ismail that IMF concerns on the country’s state of economy has been correct as foreign exchange reserves are falling and the rupee has been overvalued which hints the rupee to lost some value against dollar. Moreover the tussle between the senior stock brokers appeared following the appointment of ambassador of Pakistan to USA. Cases have been asked to reopen at NAB which showed stiff tussle.
The market lacked positive news as we have already opined that the index to move a band of 750 to 1250 points plus or minus. Strength would be visible before the announcement of the federal budget and when the election process would be over.
(Details by Haris Zamir)