Oil & Gas Exploration, Power Gen & Dist. And OMC stocks started the day off in red after taking away more than 130 points from the index at the outset. Index lost a cumulative 566 points; down 1.26 percent during the last week after closing at 46072 points on Friday.
Analysts fear that the trend will continue into the current week.
Global Equities were hammered at open today after the US Missile Strikes on Syria. Oil prices also fell on Monday after markets were opened to the news of US airstrikes on Syria in coalition with United Kingdom (UK) and France.
Furthermore, a World Bank Group (WB) report has mentioned a major concern in its report for the near-term economic outlook of Pakistan. The report highlights that “In the medium-term, the government needs to put considerable effort in reforming its tax system and tackle competitiveness challenges”.
In a welcome news for the relations between US and Pakistan, Pakistan qualified for Generalized System of Preferences (GSP) eligibility assessment and will continue to receive duty-free treatment for its eligible exports to the US market. Secretary Commerce Division, Mr. Younus Dhaga said that the GSP facility will greatly enhance the trade between two countries.
