Pakistan’s benchmark, KSE – 100 Index, has today opened the day on a negative note yet again after losing record points yesterday. The index went through, what may be termed as a bloodbath, yesterday after it stooped to five month lows. The index lost more than 1000 points to close at 42,499 level while reaching an intraday low of 42431.44 level.

The index succumbed to pressures after the country was rocked with the anti-Pakistan statements by ex-Prime Minister Nawaz Sharif. The ousted premier in one of his interviews given to a local daily made latent assertions on the military establishment by blaming some rogue elements within  the armed forces for carrying out attacks in the Indian city of Mumbai. However, the market was in a paralysis after an emergency National Security Committee was called by the top brass of the country which included Chief of Staff, Admiral, Air Chief Marshall and Prime Minister among others. The NSC Panel unanimously declared the statements of ex-PM as malignant and without any facts.

The index today, however, opened the session bullish in the first fifteen minutes after going up by more than 100 points before tanking yet again.

Major news hitting the market early no was regarding the deletion of three securities (IGIHL, NRL and PAEL) form the MSCI Global Small Cap Indexes. The global body made a total of 210 deletions and 159 addition in the Asia Pacific Region.

In the global news, Crude oil prices settled higher on Monday as traders cheered a mostly bullish report from OPEC showing excess stockpiles of global crude has been nearly eliminated. Current Prices – WTI $71.03/bbl, Brent $78.33/bbl.

Furthermore, according to a local daily, Federal Government has sought National Assembly’s approval to borrow a record Rs. 22 billion in the next financial year to pay off the maturing liabilities.