The reckless and the cautious at the PSX

 
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Karachi, Nov 05 (TNS): OFTENTIMES it is the fear of missing out that dictates the dynamics of the stock market.

Battered alternatively by political and economic uncertainty since the market started to melt following the MSCI Emerging Market Index entry debacle in May 2017, the Pakistan equity market took a dramatic turn in the last 10 days of the outgoing month.

The big worry at the time was the economy that Prime Minister Imran Khan conceded was doddering on the tipping point of bankruptcy with a growing balance of payments crisis and fast depleting foreign exchange reserves.

That is when Saudi Arabia’s financial assistance package of $6 billion was reported. The announcement prompted the bulls to stage a spectacular rally at the Pakistan Stock Exchange (PSX).