Investors are in a state of quandary as PSX shed more than1400 points since today’s open. With only 3 hours into today’s session, the week started with a jolt as markets have experienced a cumulative decline of 1436.11 points.
The political headlines and instability in the country continue to take their toll on the PSX performance; piling on to the hit taken by markets in the early days the post MSCI inclusion of PSX in the Emerging Markets Index.
While politics continues to take forefront in the country’s media, the upcoming earning session reports could become a key determinant in moving the market upwards. With most companies in Cement, Autos and Electricity expected to release their full year payouts and the strengthening foreign inflows that have recently picked up in the last two weeks could help the market gain a positive momentum.
The markets were buoyant on rebound in oil prices and interest from foreign investors during post Eid holiday activity. However, the upsurge was short-lived.