Pakistan Stock Closed on a Negative Nod after Bleeding
Muhammad Haris
Pakistan Stock Exchange closed on a negative nod as selling swept most of the sectors after the country’s armed forces strike backing hitting terrorist hideouts in Iran.
The market from the word go shows a negative trend and during the session, it showed a maximum drop of 1008 points. Some of the financial institutions stepped in and bought falling shares which helped the overall trend still in the minus zone.
The index closed at 63202 points, falling by 364 points or 0.6 percent.
Pakistan on Thursday announced that it carried out strikes inside Iranian territory, as the neighbors waded deeper into a diplomatic crisis over militants within their borders.
The operation came after Iranian airstrikes this week targeted the alleged bases of a militant group in the restive Pakistani province of Balochistan.
The market is expected to remain on the losing side because of the rift situation on the western borders, till resolved amicably the index to remain under pressure.
On the forex market dollar in the open market remained unchanged at Rs 281. While at interbank strengthening of rupee continued.
Dollar at interbank falls by 13 paisa to close at Rs 279.97
In the morning on Thursday, the Pakistan Stock Exchange witnessed a substantial sell-off, and the index nosedived by 1000 points after Pakistan attacked terrorist hideouts inside Iran.
The index since the start of trading was in the minus zone and lost 1008 points at one stage. By 10.25 am index was down by 762 points to trade at 62805 points.
The index for the fourth session in a row has been in the negative zone because of a lack of any positive development.The Pakistan stock shed another 500 points on political noise
However, Pakistan on Wednesday received two pieces of positive news- IMF deposited $705 million and UAE rollover $2 billion deposits, If border events were first attacked arrived from Iran and Pakistan’s response, attack in Iran on terrorist hideouts are enough to perturbed investors confidence, an an analyst said.
The market remains under selling pressure till such time the issue fizzles out, he said.
