ISLAMABAD – Pakistan capital market recorded a drop of more than 1900points which was the largest weekly fall in last 67 weeks owing to morethan expected rise in benchmark interest, fear of devaluation, shuffling incabinet ministers and falling foreign exchange reserves hinting thickclouds hovering on country’s economy.
According to an analyst from Topline Securities, the outgoing week was anunsatisfactory one for the benchmark index as developments like interestrate hike and rupee devaluation along with a lack of any triggers duringthe outgoing week kept the benchmark index under selling pressure.
The index declined by 4.8% or -1934 points closing at 38,562 level. Marketactivity remained dull during the week with average traded value decliningby 18 percent to $53 million in spite of 7 percent higher average dailytraded volumes, reflecting concentration of activity in penny stocks.
