43,928 +26
PSX today held well despite continuing political uncertainty. KSE100 Index touched high of 44,289 and traded in positive traded till mid day. The fact that the Index in the end recovered intra-day losses indicates that the market faces no selling pressure. KMI30 (shariah compliant index) however ended in red.
Traded volume reduced further to 115mn shares. Traded value even more.
KSE30 Heat Map
See Annual Report of Dawood Hercules (DAWH). Dividend and asset value but low liquidity.
Supreme Court of Pakistan hearing constitutional petition against a 'ruling' of speaker of the house that resulted in proroguing the assembly and giving opportunity to the PM who was facing no-confidence, to dissolve the NA assembly. Today was second day of hearing and has been adjourned till tomorrow. Petition of such import should have been decided same day as it was open and shut case.
Cases of such nature are primarily reflection of power play behind the scene, and are never decided on merit. Top echelon never realizes the economic cost because it has to pay none. Rupee today depreciated further to Rs. 186 to a US dollar. Inflation is haywire. Key economic decisions remain pending. IMF program now in limbo. We have no federal government in place. But the leisure pace of Supreme Court of Pakistan continues. So called the "Power corridor" pays no cost hence pays no attention to the economy. The wealth that the 'power corridor' as amassed in the Mushraf era keeps them in the business of power game.
Brent was on rise again yesterday after having been to $103 level when US announced release from strategic reserves. Today Oil is slightly weak and Brent is trading at $106.