Pakistan Stock Exchange has been in the news for both good and bad reasons. Good reason being that for the week before this current week, the stock market was enjoying an upswing in investor confidence.
But this trading week (Monday 24th to Friday 28th) the local bourse has seen Rs. 350 billion loss owing to the uncertain political situation with Panama Leaks and Islamabad protests coming to a head.
Till the filing of this report, the KSE-100 index was at 39765 points, down 450 points since trading opened in the morning. It should be mentioned that the index was also down 500 points yesterday.
Cumulatively, the market has gone down 1900 points this week. The market is still in trading, so depending on the investor’s mood and political developments in Pakistan, the bearish trend is expected to continue.
The market hit a record high on 20th October, and ever since then the bourse has lost Rs 353.65 billion over the course of 5 trading sessions.
With the certain political climate in the background, investors are expected to stay put, as no one has any idea about what outcome the protests in the capital city will lead to.
It should be mentioned that this is dire news for PSX, which was adjudged as one of the best performing markets by Bloomberg recently.