Summary Future course of the market would depend on the political situation and global crude oil price.
KARACHI (Dunya News) - Onslaught from bears dictated the market and the Pakistan Stock Exchnage (PSX) 100-index again fell by 1000 points during the session today (Wednesday), where in a month period overall decline was as much as 8400 points.
The market during the opening session showed some resilience and gained almost 350 points, but selling pressure from the local financial institutions erased the overall recovery and 100-index during the session plummeted by 1000 points and broke the level of 44000 points.
According to the an analyst long holidays likely starting from June 23 to June 28 on account of Jummat-ul-Wida and Eid holidays further added to pressure. “As no financial institutions or high net worth individuals wanted to keep their positions open and selling their holdings”.
Another factor which jolted the investors mood has been the JIT and calling of Prime Minister Nawaz Sharif dented the sentiment of the market men. They feared about the outcome and wanted to shed weight.
The future course of the market would depend on the political hustle and bustle and the global crude oil price as any improvement on these sectors to help recover the PSX.
(Reporting by Haris Zamir)
