Pakistan Stock Exchange dips below 40000 levels
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KARACHI - Pakistan Stock Exchange index slipped below 40000 level over the political happenings and weakness at the economic front.
The stock market opened on a positive note but failed to sustain the selling pressure from the financial institutions and some leading brokerage houses. The index made a low of 39659 points and high of 40125 points. The main reason behind was the continuous political happenings in the court and the outside the court sending negative signals.
Another factor was the weakness at the economic fronts specially the external issues, paying ability of the country on overseas loans. There was general belief that the domestic currency might slide but exact timing could not be confirmed.
Moreover, the country lacks decision on financial issue after Prime Minister Shahid Khaqqan Abbasi approved sick leave of Finance Minister Ishaq Dar. It appears that the ministry lacks immediate decision making authority, creating grave situation for the economy.