KARACHI: It was a purple-letter day of buying and selling on the Pakistan Inventory Change on Monday, a day after information emerged of Prime Minister Nawaz Sharif being summoned by the Panama Case JIT.
Adverse sentiment prevailed all through the day and the benchmark KSE-one hundred index closed the day falling 1855 pips at forty seven,671. At one level it fell 1988 pips although recovered a bit by shut. Skinny volumes and uneven commerce featured all through the day.
“The market fell due to the decision-up discover to PM Nawaz Sharif for attending a session with joint investigation group on 15 June. The market reacted to the information as nobody was anticipating this name,” stated Zeeshan Afzal of Perception Securities.
In the course of the day solely Rs 9 billion value of 219 million shares exchanged palms. Market capitalization fell by Rs 320 billion to shut the day at Rs 9,538 billion.
In response to Zeeshan Afzal, market doesn’t like surprises and thus it reacted, however round these ranges, valuation will come into play, which he thinks is engaging.
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