960407

Adverse impact of

4-day closure

J M J

KARACHI: The closure of the market during the past four days and the recent happenings on the national front had an adverse impact on the market when it opened on Sunday.

The index nose-dived to 28 points negative but later in the afternoon the index improved to close at 17.48 negative.

The GDRs were not quoted as the foreign markets were closed due to the Easter season but simply to recall the last rates for PTC and Hub Power were $93.00 and 97.00 and $20.50 and $21.25, respectively.

The kerb did improve a little as the PTC was being traded between Rs 32.50 and Rs 32.75 and Hub Power between Rs 28.65 and Rs 29.00. FFC was firmer in the Kerb due to the last day of the clearing on Monday and the over-sold position has not improved as yet.

The market could improve substantially from here as majority of the public were drifting towards pessimism but this could only be achieved if there are positive news at the national level to support the market and the fact is that the matters are turning into a very complicated corner, shaking the investors' conference, if any left, and the punters could shy away from the stock market if this situation prolongs any further.

The volatility of the market would even affect the planning and investment strategy of the foreigners. The downward drift should attract investors in a planned manner as this would give a leverage to the genuine investor.