The Pakistan stock shed another 500 points on political noise

Muhammad Haris

The Pakistan Stock Exchange for the second consecutive session recorded a decline in political noise and a lack of any positive development on the economic front where the dollar rate at the interbank remained unchanged.

The PSX index slipped by 532 points or 0.8 percent to close 63737 points.
Shahryar Butt at Darson Securities said that volumes were thin which showed investors are not interested in taking long positions.
The market lacked triggers while political happenings also made investors jittery.Stock Market Closes at Negative Nod

He said that besides political issues, the announcement from Suzuki Motors that they planned to delist the company offering Rs 406 shares while PSX wants the company to back at Rs 609. These numbers were enough to jolt the sentiments because before the opening of the market share price of the company was Rs 774. The company saw a lower lock and suffered a decline of Rs 54 per share.

Shahryar said selling in the auto sector proved to be a major setback for the whole of the market.

On the other hand, the forex market saw a dull performance where the dollar rate at the open market and at interbank remained unchanged at Rs 282 and Rs 280.24 respectively. Demand from importers was sluggish which kept a lid on the value of the dollar at banking channels.

Gold price in the domestic market saw a fall of Rs 600 to Rz 217,300 per tola.