KARACHI – Pakistan Stock Exchange observed a bearish trend till midday after shedding 1225 points to reach below 40,000 points level.
The KSE-100 index reached a year low level at 39890.05 points. The highest level was recorded at 41179.88, while the lowest level is 39869 till midday trading.
Talking to Daily Pakistan, Regional Head – North at EFG Hermes Pakistan Limited Arslan Khan said that the negative trend was ruling the market after the case of former prime minister Nawaz Sharif was started at the accountability court.
He said that the investors are not showing interest in the market owing to prevailing political stability in the regions, adding that it may continue till the insecurities exist.
Khan also termed dip in exports of cement sector a major reason behind the crash of market, adding that most of traders were showing interests in selling the shares of cement sector causing vulnerability in the market.
On Tuesday, All Pakistan Cement Manufacturers Association (APCMA) issued statistics of the sector stating a decrease of 23 percent was observed in cement export in September recording its current level at 0.401 million tonnes, while its year-on-year sale went up by 10 percent to 2.798 million tonnes during the same month.
As per the details, the sales of the product were stood at 2.536 million tonnes and exports at 0.523 million tonnes during the same period of last year.
UPDATE: The market closed on Wednesday 654.78 points down.