KARACHI: Pakistan Stock market failed to break the bearish spell extended from the previous week as investors remained cautious regarding the country’s foreign diplomatic issues. In addition to this, the security situation and the indication of the fourth wave of COVID-19 also had a negative impact.
The KSE-100 Index started the day under pressure and managed to step in the positive territory just for a few minutes at the start of the trading day. However, the selling pressure due to the stop-loss strategy adopted by medium and small capacity investors led the market fast towards decline. The KSE-100 Index was trading at 46,975 points at 12:10 pm, 627 points down from the closing on Friday.
The negotiations and requests between Pakistan and United States related to the Afghan issue keeping investors cautious as it may pass on the impact on the economy and also on the internal security conditions going forward, traders and analysts said.
As it prepares to pull out from Afghanistan, the US has asked Pakistan to allow the Central Intelligence Agency (CIA) to conduct cross-border counter-terrorism missions against al Qaeda, Islamic State, and the Taliban from its soil.
Pakistan’s National Assembly Speaker Asad Qaiser has summoned a session of the Parliamentary Committee on
National Security on July 1 to discuss the situation in Afghanistan and Kashmir in an in-camera session at Parliament House. Parliamentary committee to discuss request for US bases in Pakistan. Army chief General Qamar Javed Bajwa and Inter-Services Intelligence (ISI) Director General Faiz Hamid will likely attend the moot as well.