Shares at the Pakistan Stock Exchange PSX lost over points on Monday with analysts attributing the selloff to political uncertainty . The benchmark KSE index closed at . points down . points or . per cent from the previous close of . points . Julys large current account deficit is raising concerns of further interest rate hikes especially as inflation is still high .
Lack of clarity on circular debt settlement was also affecting investor sentiment, analysts say . The market was on a correction course and predicted that this would continue for the next few days, says Aba Ali Habib Securities CEO Siddique Dalal . Dalal Securities CEO said there is a dent in the market until some good news comes Dalal added.
For the time being there is no good news from the market for the timebeing, says Siddique Dalal . He adds that the market is on a ‘crisis of uncertainty surrounding the matter in the coming days, adding that it will continue for a few days. The losses are expected to continue for several more days, he says .
The losses will continue to be a ‘calamity of the market’s decline, he adds. The market is a ‘deteriority’ in the near future’, says Dalal’ and ‘no good news’ for the country’. ‘for the time of uncertainty around the world’ – says Dardal” says the analyst.
The loss of interest and the loss of confidence in the country. The decline in the current account is expected to be ‘unprecedented’ says the head of an analyst’ of around 30 per cent of the last month’ .
