Shares at the Pakistan Stock Exchange PSX lost over points on Monday with analysts attributing the selloff to political uncertainty . The benchmark KSE index was trading at . points at pm down . points or . per cent from the previous close of . points .
Analysts say lack of clarity on circular debt settlement was also affecting investor sentiment . The market was on a correction course and predicted that this would continue for the next few days . Dalal Securities CEO Siddique Dalal also highlighted political uncertainty and the current account deficit as one of the reasons for the weakening rupee .
These and other factors have shrunk the market confidence . For the time being there is a dent in the market until some good news comes Dalal added. For the moment there is no good news from the market, said Siddique Dardal . The Pakistan stock market is on a ‘calamity of the market’ for the past few days, said Dardar .
The country’s large current account deficits is raising concerns of further interest rate hikes especially as inflation is still high he added. Inflation is still very high. It is not clear whether the government will continue to raise interest rates or whether it will take time to stabilise the rupee is still at risk, he said .
The government will not be able to take action to meet back into its own hands. The government has not taken action to take any further action to remove any of its own steps to take further steps to prevent further action. It has taken a decision to take appropriate action to reduce its own control of foreign reserves.
It will not take any action to prevent any further steps, said an analyst said. The market has not been able to reduce inflation.
