KARACHI: Pakistan stock market went through volatile week as the recovery after the correction in first three days was capped by the profit taking at the end of the week and fear linked to the uncertainty at the US-Pakistan relations and security issues rising as Taliban’s gain ground in neighbouring Afghanistan.
The benchmark KSE-100 Index managed to crawled up 82.82 points to 47,686.18 points by the end of the week compared to 48,603.36 points previous week.
The market started the ended week under pressure extended from the previous weeks bearish mood, However, the market kept indication resistance against decline on intra-day basis, and managed to stage decent recovery in the middle of the week straight for three days in row. However, the debate and discussions on the highest national forum regarding the request by the United States to setting up military base in Pakistan against Taliban kept the investors cautious. The inflated prices with recovery during three day gain and investment policy of keeping portfolios light triggered selling at second session on Friday that washed away most of the recovery witnessed earlier.
Army chief General Qamar Javed Bajwa has said that the Pakistan Army will stand by the government’s decision of refusing to hand over Pakistan’s air bases to the United States for counter terrorism operations in Afghanistan. General Bajwa made these comments after an eight-hour long meeting of the Parliamentary Committee on National Security.
