FinPocket

Negativity takes over the PSX

14 Nov, 2021

On Market Front

Tracking KSE-100

TRACKING KSE-100

This week, the market fell down by 1,547 points to close at 45,749 points. This week was full of negative triggers that sent investors on the back foot. The delay in the resumption of the IMF Programme, lower than expected weightage in the MSCI frontier market, Rupee losing its value against the dollar, political uncertainty as the opposition party to stage a nationwide protest, and monetary tightening in the upcoming monetary policy kept investors sideline. 

A costly suspension

PSX in a notice has informed that it has placed Service Fabrics Limited (SERF: -2.98%under the defaulter segment soon after the company raised approx PKR 2.6bn through a right issue. Service Fabric is a shell company and was recently acquired by Ghani Group under the pretext of the revival of the company. 

On Economic Front

BRACE FOR THE IMPACT

Gas shortages have intensified in the country. The government has decided to divert gas to priority sectors and provide gas only to the domestic sector during meal time i.e. three times a day.

TWEET OF THE WEEK

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