Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower amid thin trade at KSE on concerns over economic uncertainty. Trade remained mainly in second and third tier stocks. Uncertainty over outcome of Supreme Court warnings to government on raise in power tariff, limited foreign interest, and lower global commodities played a catalyst role in bearish sentiments despite speculations ahead of expected sale of SoEs. On technical charts, analyst Qasim Anwar at AKD Securities said that pullback could be expected to terminate as index approaches 22,320 a 22,525 resistance zone. The technical analyst maintained a bearish outlook below 22,857 level sighting possibilities for near-term weakness towards 21,451 a 21,416 and 20,924 levels.
Anita Williamson of Bristol, England, says she and her husband were wrong to borrow so much during the boom 1.3 million pounds ($2.1 million), much of it to buy a home. But she says the banks were far too eager to lend. One bank allowed a loan to be “self-certified,” a practice mostly banned now that allowed lenders to take the word of borrowers that they could afford the debt. “It’s very easy for people to believe the so-called experts at the bank,” says Williamson, 55, who had to declare bankruptcy to get out of most of her debt. When it comes to finances, she adds, she won’t touch a bank again with a “barge pole.” In this Aug.
Bigger Concern The budget impasse has raised concern that lawmakers will be unable to make progress on a deal to increase the debt limit. The Treasury has said measures to avoid exceeding the $16.7 trillion cap will be exhausted by Oct. 17 and warned yesterday that a default could have catastrophic consequences that might last decades. A federal default is a bigger concern for markets than the budget disagreement, said Manish Singh , who helps manage $2 billion as head of investments at Crossbridge Capital in London .
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