PSX 100 index turns red on current account blues

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KARACHI: Thin trading volumes coupled with choppy trades have set the market’s theme with investors also eyeing foreign reserves and the Rupee, said CEO Insight Securities Zubair Ashraf.

He added that the market needs a reason to break the 44,000 ceiling convincingly.

The run started middle December, when the benchmark index was trading at 37,736. By January this year, the index had again climbed to 45,496 points and had since hovered around the 43,000 mark.

The CEO of Insight Securities further added that the market needs a reason to surge and in his opinion, balance of payments is a major concern in the market.

The index closed at 43,353 points on Wednesday, down 337 points from the day before.

The rupee is mostly static since its adjustment last year, but this has been the case for long. Zubair says that the pressure is mounting every passing day.

If the rupee drops in value, it will lift the market. As its an election year,  investors are keenly keeping an eye on the situation, added the CEO.

Categories: Business

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