PSX continues steep decline
Stock market will be subdued till the outcome of money bill and funds from friendly countries
KARACHI (Dunya News) – Pakistan stock market continue to decline as bears dominated the index where share price dipped by 2.47 percent on political noise and upcoming ECL which gave negative signals to investors.
Local bourse opened on a negative note and further tumbled 934.91 points or 2.47 percent. Panic among the investors was triggered as Pakistan Tahreek-e-insaf government released the list of 172 people, and placed them on the Exit Control List (ECL).
The list contained names including the top leadership of Pakistan People Party namely Chairman Bilawal Bhutto Zardari, former president and party Co-Chairman Asif Ali Zardari and his sister Faryal Talpur, in light of a recent joint investigation team report submitted to the Supreme Court in the money laundering probe.
Present regime is taking measures against the corrupt people as per its political manifesto said Adil Ghaffar, CEO First Equity Modaraba. Within the first 5 months reins nabbed around the political gurus giving clear signals to the world at large. Vigilant, cautious and calculated steps be taken to avoid crash landing.
“We must be clear in our objective of drive against corruption. The government should concentrate to get back the looted money and debarred corrupt people from holding any public office”, he said. “We wish to fill kitty and not jails|, he said.
Stock market, as envisaged, will be subdued till the outcome of money bill and funds from friendly countries. Be vigilant to local politics and international news, if you must invest then invest in gold or take rest till 2nd week of January 2019.
Details by Haris Zamir
