Summary Index suffered a fresh decline of 3.55 percent or 1466 points to 39846 points.
KARACHI (Dunya News) - Bloodbath continued unabated at the Pakistan Stock Exchange (PSX) where political happenings dictated the sentiment of the investors and the index slipped to year low, breaching the 40000 points barrier.
Due to recent political events, the market has been under stress and despite foreign investors’ participation after quite a long time, infusion from these institutions amounted to 38 million dollars.
But fresh pumping from foreign investors failed to keep a lid on the stock market and index suffered a fresh decline of 3.55 percent or 1466 points to 39846 points.
According to an analyst the week opened with the news of arrest of Captain (R) Muhammad Safdar followed by issuance of arrest warrants of Imran Khan by Election Commission of Pakistan and expected indictment of Sharif’s family in accountability court.
He added that interestingly a number of positive developments were witnessed during the week on economic and sector front, however, politics dictated the sentiment, overshadowing all positives and dragging the index to almost a year low.
Following the ride in the red zone, market has breached the psychological level of 40,000 where political noise is expected to dominate in the upcoming week. However, with the start of quarterly result season, selective interest in scrips can be seen where fertilizer and auto sector is expected to post healthy earnings growth driven by improved local and international market condition during the quarter.
(Story by Haris Zamir)
