Rumors depress moods of investors, index decline 368 points
The market was slowed in the wee hours but slide slowly appeared.
KARACHI (Dunya News) - Pakistan Stock Market recorded substantial decline on selling pressure surfaced from the leading brokerage house, mutual funds and some high net worth individuals.
The stock market declined by 368 points to 43072 points where decline led the market with 243 companies landing in negative territory and 85 advances.
The market was slowed in the wee hours but slide slowly appeared and covered the whole market with volley of fresh selling in cement, petroleum, gas and fertilizer scrips.
The bourse was infused with rumors that some senior stock brokers have been called by NAB and courts to hear about corruption involved running into billions in some of the listed companies. These rumors were enough for the market men to she extra weight while few seasoned investors were about the developments arising on economic and political fronts.
The ongoing tussle between the former prime minister Nawaz Sharif and judiciary and economic issues where IMF hints Pakistan need remedial measures instantly to cope with external and domestic deficits commonly known as fiscal and current account deficits
The market in coming sessions to remain depress and need some encouraging news to recover losses and score big.
