PSX drops on oil, valuations coat tailed falling crude prices

KARACHI: At the New York Mercantile Exchange (NYMEX) crude oil dropped five percent on US oil inventories pile up. In Pakistan, the index fell 362 points closing the session at 49,392 points.

Speaking to Geo.tv Mohammed Sohail, CEO Topline Securities claims the local oil sector adjusted to NYMEX prices.

The market, however, has other views as well, some believe the market is reacting due to the action by the Securities and Exchange Commission of Pakistan, but Arif Habib Research thinks otherwise, “market has no fear of SECP’s action but there is a concern on Panama, minus that market is almost ready to proceed north”, adding the rally could happen anytime says Arif Habib Research.

Arif Habib Research believes, by December the Index will reach 54 to 56 thousand range.