KARACHI: The Pakistan Stock Exchange (PSX) opened weak on Friday and selling extended to almost all the sectors, a private news channel reported.
The PSX 100-index dropped to 39538 points, showing a loss of 450 points, but support from financial institutions halted further decline. “Uncertainty has gripped the market and political temperature has unnerved the individual investors”, said Mohammed Sohail – chief executive officer of Top line Securities.
However, as the share prices have slipped sharply, financial institutions are seen active at the market. The index during the session gained on back of support from financial institutions and speech of Prime Minister Nawaz Sharif promising the people of Pakistan that the government would take every step not to deter investment in the Pakistan and will take steps to bolster the economy.
However, traders and analysts believe, the market would remain under pressure as the stock market would be closed for two days and investors would be hesitant to build long positions. Pakistan Stock Exchange since October 20 – when the index reached to all time high level of 41545 points has lost almost 1688 points – where market capitalisation witnessed an evaporation of Rs 410 billion.
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