Pakistan Stock Exchange slumps raises frustration
The Pakistan Stock Exchange (PSX) was bearish due to widespread anxiety among investors after the news of Habib Bank Limited facing secondary liability in the case of financing terrorists in the US. 100 index closed down 421.27 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange closed over 421 points higher at 41,13.86, down 1.02 percent. At 2:30 PM, the index was down 524.31 points or 1.26%. Aamir Shehzad, director of First National Equities Limited, said that there is pressure on the stock market due to the news circulating about Habib Bank.
Meanwhile, shares of Habib Bank fell by Rs 6.11 or 7.50 percent in the stock market. It should be noted that a day earlier, the US ambassador had said that Habib Bank faces secondary liability because the complainant alleged that Habib Bank financed Al-Qaeda’s terrorist activities and carried out attacks in Afghanistan.
Involved in the conspiracy where around 370 people were killed and injured in Afghanistan between 2010 and 2019. On the other hand, Habib Bank in a statement denied the allegations, calling them without merit and said the bank would fight the allegations fully and vigorously. The bank said that the secondary liability charges will be determined through the legal process while no decision has been taken by the court in the matter.
First National Equities Limited director Aamir Shehzad said that this is the rollover week where future Contracts are about to settle, during which the stock exchange usually comes under pressure. He said there are some issues in the political arena as well and advised investors to “adopt a strategy of buying when shares are cheap”. Amin Yusuf, former director of stock exchange and CEO of AKY Securities, agreed with Aamir Shahzad’s proposal.
Pakistan Stock Exchange slumps raises frustration
Financial assistance was announced by the World Bank and other institutions but the foreign exchange has not yet arrived and the impression will improve after the arrival of the foreign exchange. Director of Arif Habib Corporation, Ahsan Lajadi, said that the reason for the fall in the index is the political upheaval in the country, while the flood losses to investors and the record increase in dollar bonds in the country also played an important role
