PSX: Bears colored the bourse red!

KARACHI: Bears reigned the bourse here Friday as KSE-100 index lost 202.91 points to close at 33,672.49. 

Since the SBP is going to announce monetary policy on Tuesday 16th of July (2019), the traders are spooked expecting higher rates because now the government of Pakistan after bowing before IMF is forced to obey its orders. 

Then the VideoLeaks and other political vicissitudes have also jolted the confidence of the investors. 

Stocks that plummeted included PSO, Engro Corporation, Hub Power, Pakistan Oilfields & DG Khan Cement. Companies that managed to gain in this gloomy milieu included Fauji Feriliser,Engro Fertiliser, UBL, HBL and Meezan Bank.

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.