PSX move in tight band, Panama case to overshadow session
The 100-index during the early hours recorded a decline of as much 300 points.
KARACHI (Dunya News) - Gains in heavy weights’ biggest barrier against the bear rampage forced the index to move in a narrow band, where several high net worth investors and financial institutions adopted cautious approach.
The Pakistan Stock Exchange on first day of the new week opened on a positive note but rising in stock was limited and bears took the lead and hammered the price pattern. The index during the early hours recorded a decline of as much 300 points where decline led the column. But resistance from the selected shares upholds the downward rally.
The PSX 100 index registered the session low of 43975 points, but buying and gain helped the index to move in the tight band.
The apex court of the country would start biggest hearing against the Prime Minister Nawaz Sharif. Where the JIT report submitted last week found faulty papers submitted highlighting movement of funds without any true evidence.
“It appeared to be a long battle and index has little room to move down as already the market has evaporated almost 8000 points since its peak of 52865 points attained on May 24”, said an analyst.
(Story by Haris Zamir)
