Political wrangling pushes PSX-100 below 40,000 mark

By
Ashraf Khan
|
Political wrangling pushes PSX-100 below 40,000 mark

KARACHI: Political heat is melting the Pakistan Stock Exchange 100-index down. Heightened political anxiety kept investors from buying and those holding positions opted to take an exit.

It was only seven days ago, on October 20, when the index closed at its all-time high of 41,545. But since then, in a matter of just six working days, the benchmark index has lost 1,558 points to close below 40,000 level.

The index closed the day on Thursday at 39,987, losing 539 points.

Khurram Shahzad, Chief Commercial Officer at JS Global Securities, said uncertainty is keeping investors from taking fresh positions.

"Investors are liquidating their open positions," he said, adding that the market had lost almost $3 billion of its capitalization in just a few days.