FATF move clips gain at Pakistan Stock Exchange on weekend
Pakistan Stock Exchange closed with a decline of 261 points to 43267.
KARACHI (Dunya News) - Pakistan Stock Exchange landed in the negative territory after the development that Financial Action Task Force (FATF) would place the country in the grey list from June this year sent ripples amongst the market players.
The Stock Exchange 100-index opened on a positive note and remained in the column for first half of the session and index even saw an increase of more than 200 points. But before the start of the second session, the index suffered widespread selling pressure and equities showed red signs.
Pakistan Stock Exchange closed with a decline of 261 points to 43267, whereas, the market during the session showed a high of 43797 points and low of 43014 points.
The main factor behind the fall in the market was the FATF decision putting Pakistan in the grey list on the grounds that the country has not fulfilled some of the compliance related to terrorism. Despite bearing a loss of 120 billion dollars to its economy and more than 50000 people martyred including army personals, Islamabad was that it has not done enough to eliminate terrorism.
READ: FATF decides to put Pakistan back on terrorist financing watchlist
Some of the investors viewed that earlier too the country was in the watch list and nothing was so bleak for the country, we are facing already hardships owing to boost the exports, attract foreign investment and to privatize our state run units.
The market has overreacted and need reason to move down, the things will settle soon and investors should not press panic button, said an analyst.
The economic fundamentals are moving in right direction and economy to grow between 5 percent to 5.7 percent during the current fiscal year, he said.
(Details by Haris Zamir)
