Stocks market opens trading week in red

KARACHI: Pakistan Stock Exchange (PSX) was able to maintain an upward trajectory for the better part of the outgoing trading week. However, the last two trading days of the week seemed to bring bearish mood for the index.

This week opened on a negative trend for the index once again, when after opening at 63,813.06 points, the index further plunged to 63,149.46 points. This marks a decline of more than 600 points until midday.

Trading suspended amidst bearish stock market

Sector-wise distribution of the index showed both bullish and bearish moods, with PIA, Pakistan refinery and Treet corporation trading in the green while Worldcall telecom and Pakistan petroleum remained in the red.

The mixed performance of the index can be attributed to several factors including geopolitical tensions simmering once again with gunmen killing Pakistani labourers in Iran, and expectations of a fuel price hike. However, improving Pakistani Rupee (PKR) to US Dollar (USD) parity and the expected post-election economic stability will be offering strength to the stock market.