KARACHI: Cautious approach from the seasoned and high net worth investors was witnessed throughout the trading session on Monday though the index closed on positive note, inherent sentiment was bit disturbed as Panamagate case continue to cast dark shadows.
Pakistan Stock Exchange benchmark KSE-100 index during the session made a low of 43975 points and high of 44630 points. However, during the whole of the session the eyes of the market men were glued to electronic media waiting for what kind of decision to arrive from the Supreme Court following the submission of report by JIT members. The hearing was postponed for the day but the volley of statement from the government and the opposition hit the screen where both the parities accusing each other.
The index closed with a gain of 185 points to 44523 points but if we see the ratio of decline and gainers the proceedings appeared to be mixed where around 174 companies showed plus signs as against 165 minus signs.
Buying in selected stocks belonging to oil, gas, cement and steel sectors helped boosted the overall rally. But general concern from the market men was the outcome of the Supreme Court proceedings, the JIT investigation revealed fact against the sitting Prime Minister and his family members.
How, the Supreme Court would take this matter it is difficult to analyze at current stage, but till such time the market would likely to move into hope and despair. Crucial days are ahead for the financial institutions and mutual funds and general investors to execute decision related to investment in stocks. The prices are lower compared to regional markets and attractive for three to six months horizon. But investors feared that if some negative decision arrive from the court proceedings, index might dip by 1500 to 2000 points more. Agwncies