KARACHI: The securities market remained under pressure for every one of the outgoing week especially the unfavorable growths in the last two trading days that aggravated the loss. The KSE-100 index came by 635 points, or 1.32 percent, as well as closed at 47,603.
Too many concerns concerned occupy investors’ mind, starting with the roll-over week and also ending with the FATF plenary conference announcement after five-day considerations to maintain Pakistan on the grey list.
Although the FATF statement followed trading hours, the market was in a sombre state of mind with pessimism leaking from the statements of the foreign minister. In between, the financiers stayed nervous over the ongoing talks with the IMF and most likely MSCI downgrade of Pakistan Index to Frontier Market from Arising Market.
Going forward, the smooth flow of the Finance Costs 2021, the sharp drop in the Covid infection rate and the event speed in vaccination drive might encourage investors to get in the market.
Senior analysts stated that the E&P scrips are anticipated to continue executing well as a result of higher international oil rates as well as federal government shelving divestment strategy of OGDC as well as PPL and also deferring divestment of federal government shares in Mari Petroluem.
Nevertheless, bank account shortage of $632m for May and uptick in CPI in the forthcoming months, may dampen capitalists beliefs.