Pakistan’s 100 Index still shy of 50k, recovers some losses
February 16, 2017
KARACHI: Despite the hesitance observed in the stock market, KSE-100 Index was able to climb up 374 points (0.76%) to end Thursday's trading session at 49,588 points, rising above yesterday’s close, but still hovering in the 49,000 territory.
As of the closing bell, almost 88.87 million shares had swapped hands in transactions worth a total of Rs. 9.78 billion.
The Index is resisting entering the 50k territory and has only been serving short stints every few days. The high and low during market hours today registered at 49,693 and 49,163 points, respectively.
Markets are experiencing bearish sentiment ever since the liquidity crisis caused by the Security and Exchange Commission of Pakistan's (SECP) order for Pakistan Stock Exchange (PSX) to fix the defaulting issue by selling off the brokers' holdings and paying off the investors’ dues.
In a press release issued on February 8, SECP chairman Zafar Hijazi said, "There is nothing dearer to my heart than investor protection; rest assured, we will take decisive action if PSX fails to shoulder its responsibility as the front-line regulator."
