[ad_1]
Bears dominated on the trade floor as shares at the Pakistan Stock Exchange traded in the red and lost more than 700 points during early morning trade on Tuesday.
According to the PSX Website, the KSE-100 index lost 719.12, or 1.12 per cent, at 11:04am to stand at 63,550.25 from the previous close of 64,269.37.
Yousuf M. Farooq, director of research at Chase Securities, said, “The market is currently grappling with uncertainty in anticipation of the upcoming elections.”
On the flip side, he noted certain positive developments such as the reduction in petrol prices, coupled with the sustained strength of the Pakistani rupee, were expected to “significantly mitigate inflation” in the coming months.
“Despite a robust rally in the market over the last six months, the prevailing political situation is now prompting a temporary pause, providing the market with an opportunity to recalibrate.” he said.
“As investors navigate these complexities, attention will be keenly focused on the evolving political landscape, as it emerges as a key factor influencing the market’s short-term trajectory,” he said.
Mohammed Sohail, chief executive of Topline Securities, noted the main players to be Pak Suzuki Motor Company (PSMC), as it traded lower than market expectations. Additionally, buy-back prices affected investor confidence today at the exchange, he said.
He added that mark-to- market losses in PSMC had an impact on other stocks as well.
More to follow
[ad_2]
Source link
