volatile
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PSX Crash 1200 points erroded .Dollar hit whooping 2.1 Rs in a single day ,Investors lost billions ,
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ni8mare
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Stocks battered as KSE-100 index plunges over 1,000 points in intra-day trading
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Stocks battered as KSE-100 index plunges over 1,000 points in intra-day trading
By Salman Siddiqui
Published: October 8, 2018
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Concerns over macroeconomic situation of the country keep investors jittery. PHOTO: AFP
KARACHI: Stocks underwent another round of battering as the KSE-100 index nose-dived over 1,100 points in intra-day trading.
Selling pressure mounted owing to concerns on the political and economic front.
“The market has maintained downturn due to the government’s lack (of clarity) on a clear economic policy,” Arif Habib Limited analyst Tahir Abbas told The Express Tribune.
Stock market experiences dull week amid economic concerns
Although the government has hinted at going back to the International Monetary Fund (IMF) for a bailout to fix the faltering economy, people want a clear statement from the government.
Investors also await clarity on Saudi investment in various projects.
At 13:46, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index was down 1,164 points or 2.97 per cent to 38,062.35 points.
Low volume and foreign sales remained salient features of the day. Also commenting on the situation, Arib Habib Head of Sales Saad bin Ahmed said the market outlook remains negative.
Market watch: KSE-100 falls as investors wait for clear economic policy
“Technically speaking market is heading towards 36,000 points,” he said.
Out of total 301 active stocks, 258 are trading under mounting selling pressure. Many of them have fallen by close to their lower limit of 5% or Rs1.
Read more: karachi stock exchange , KSE-100 Index , Latest
SHARE TWEET
Stocks battered as KSE-100 index plunges over 1,000 points in intra-day trading
By Salman Siddiqui
Published: October 8, 2018
16SHARES
SHARE TWEET EMAIL
Concerns over macroeconomic situation of the country keep investors jittery. PHOTO: AFP
KARACHI: Stocks underwent another round of battering as the KSE-100 index nose-dived over 1,100 points in intra-day trading.
Selling pressure mounted owing to concerns on the political and economic front.
“The market has maintained downturn due to the government’s lack (of clarity) on a clear economic policy,” Arif Habib Limited analyst Tahir Abbas told The Express Tribune.
Stock market experiences dull week amid economic concerns
Although the government has hinted at going back to the International Monetary Fund (IMF) for a bailout to fix the faltering economy, people want a clear statement from the government.
Investors also await clarity on Saudi investment in various projects.
At 13:46, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index was down 1,164 points or 2.97 per cent to 38,062.35 points.
Low volume and foreign sales remained salient features of the day. Also commenting on the situation, Arib Habib Head of Sales Saad bin Ahmed said the market outlook remains negative.
Market watch: KSE-100 falls as investors wait for clear economic policy
“Technically speaking market is heading towards 36,000 points,” he said.
Out of total 301 active stocks, 258 are trading under mounting selling pressure. Many of them have fallen by close to their lower limit of 5% or Rs1.
Read more: karachi stock exchange , KSE-100 Index , Latest
AZADPAKISTAN2009
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I think it is related to release of Nawaz Sharif since he was released it effected the economy
mzain
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Bloodbath as Karachi stock market makes largest single-day drop in 14 months
October 8, 2018
Farooq Baloch
The capital market nosedived to a 10-month low as political and economic uncertainty drove investor sentiment, leading to panic selling, which wiped out Rs272 billion from the market on Monday.
The benchmark KSE-100 Share index plunged 3.4% to below 38,000 points after shedding more than 1,300 points by 2:30pm. This was the largest single-day fall in the last 14 months, dragging the index down to its lowest level in 10 months. The last time market saw such a steep fall was in August 2017.
Analysts say the government’s inability to take key economic decisions, such as deciding on the IMF bailout and political tensions were the main reasons. First the government delayed the IMF program and then the opposition leader was arrested.
The KSE-100 index, the gauge of the market’s performance, had already lost 4.3% at the end of the previous week, losing 861 points during Friday’s session alone as news of Shehbaz Sharif’s arrest by NAB reached. Monday was the sixth straight session the market ended in the red zone.
In the last two weeks, foreign investors sold shares worth $17.8 million and by Monday noon, another Rs110 billion were wiped out from the market. The KSE-100 settled at 37,898 points when the market closed with Rs272 billion shaved off of Friday’s value. The last time market traded at this level was in December 2017.
Larger impact
Pakistan’s dollar reserves fell by another $600 million last week to come to a critical level ($8.4 billion), that barely covers two months of imports. The government has, however, been delaying an IMF loan, which has become unavoidable. The government needs to shore up the dollar reserves to pay for imports that keep the economy afloat and pay its foreign loans to avoid default.
Analysts say investors are uncertain about the implications of the government’s on-going drive against corruption, which has now led to the arrest of the leader of the opposition. Today, it is politicians tomorrow, it could be business people, the same people who invest in the market, analysts say. This has caused panic.
Last week, the PTI government started its drive against tax evaders, issuing notices to more than 160 people suspected of evasion. The government says the number of suspects runs into the thousands and all of them will be targeted through sophisticated technology by using bank data of non-filers who have huge sums in their accounts.
Analysts say the government is, perhaps, waiting for the by-elections (to be held later this month) before it decides on the IMF program. Besides this, there are fears that the rupee will depreciate further, which kept investors away from the market. They say that once the uncertainly is over and the government’s policies are clear, the index will bounce back quickly.
Source: https://www.samaa.tv/news/2018/10/b...t-makes-largest-single-day-drop-in-14-months/
October 8, 2018
Farooq Baloch
The capital market nosedived to a 10-month low as political and economic uncertainty drove investor sentiment, leading to panic selling, which wiped out Rs272 billion from the market on Monday.
The benchmark KSE-100 Share index plunged 3.4% to below 38,000 points after shedding more than 1,300 points by 2:30pm. This was the largest single-day fall in the last 14 months, dragging the index down to its lowest level in 10 months. The last time market saw such a steep fall was in August 2017.
Analysts say the government’s inability to take key economic decisions, such as deciding on the IMF bailout and political tensions were the main reasons. First the government delayed the IMF program and then the opposition leader was arrested.
The KSE-100 index, the gauge of the market’s performance, had already lost 4.3% at the end of the previous week, losing 861 points during Friday’s session alone as news of Shehbaz Sharif’s arrest by NAB reached. Monday was the sixth straight session the market ended in the red zone.
In the last two weeks, foreign investors sold shares worth $17.8 million and by Monday noon, another Rs110 billion were wiped out from the market. The KSE-100 settled at 37,898 points when the market closed with Rs272 billion shaved off of Friday’s value. The last time market traded at this level was in December 2017.
Larger impact
Pakistan’s dollar reserves fell by another $600 million last week to come to a critical level ($8.4 billion), that barely covers two months of imports. The government has, however, been delaying an IMF loan, which has become unavoidable. The government needs to shore up the dollar reserves to pay for imports that keep the economy afloat and pay its foreign loans to avoid default.
Analysts say investors are uncertain about the implications of the government’s on-going drive against corruption, which has now led to the arrest of the leader of the opposition. Today, it is politicians tomorrow, it could be business people, the same people who invest in the market, analysts say. This has caused panic.
Last week, the PTI government started its drive against tax evaders, issuing notices to more than 160 people suspected of evasion. The government says the number of suspects runs into the thousands and all of them will be targeted through sophisticated technology by using bank data of non-filers who have huge sums in their accounts.
Analysts say the government is, perhaps, waiting for the by-elections (to be held later this month) before it decides on the IMF program. Besides this, there are fears that the rupee will depreciate further, which kept investors away from the market. They say that once the uncertainly is over and the government’s policies are clear, the index will bounce back quickly.
Source: https://www.samaa.tv/news/2018/10/b...t-makes-largest-single-day-drop-in-14-months/
Sine Nomine
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There is only one bloody import with largest bill and that is Oil.
BHarwana
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Well oil is something that you will need to import because there is no solution for that now. Same way for Iran or Saudis they will have to import food because they have no solution for that. Some things are necessity. But crubbing other imports can do the job.
Bashido
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El Sidd
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Who got rich? Follow the money
I have a legal question.
If you have prior knowledge and you get rich due to that.
What does the local Syed say? Haram or Halal?
I have a legal question.
If you have prior knowledge and you get rich due to that.
What does the local Syed say? Haram or Halal?
BHarwana
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I don't know about that man ask you near by mullah.
El Sidd
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So basically i should not bother much about halal or Haram.
Mazel Tuv
I will have drunk Megan Fox with Bacon. Thank you
AZADPAKISTAN2009
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