KARACHI: Pakistan stock market went through a volatile week as the recovery after the correction in the first three days was capped by the profit-taking at the end of the week due to 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 crawl 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 under pressure extended from the previous week’s bearish mood, however, the market kept indication resistance against decline on an intra-day basis, and managed to stage a decent recovery in the middle of the week straight for three days in a row. However, the debate and discussions on the highest national forum regarding the request by the United States to set up a military base in Pakistan against the Taliban kept the investors cautious. The inflated prices with recovery during three day gain and investment policy of keeping portfolios light-triggered selling at the second session on Friday 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 of the Parliamentary Committee on National Security.