PSX dips 650 points amid political uncertainty
July 13, 2017
KARACHI: The Pakistan Stock Exchange (PSX) took a bearish turn when the KSE-100 index fell 650 pips to hit 43,150 late afternoon, on Thursday.
Traders showed mixed trading sentiments, with the index crossing the 44,100-points’ level after it increased by 250 pips at the beginning of trade.
The PSX witnessed a turbulent day on Wednesday when it bounced back late in the day after falling over 1,000 points earlier in the day. The KSE 100-index settled at 43,980 points around 2pm.
Analysts blamed the uncertainty surrounding the prime minister’s future in light of the Panama case Joint Investigation Team (JIT) report submitted to the Supreme Court on Monday for the recent declines.
Nearly all leading opposition parties have called on Prime Minister Nawaz Sharif to resign from his post.
Even though senior government officials, in a press conference on Tuesday night, asserted that the premier will not be resigning and instead prove his innocence in court, the stock market continues to dip.
The Supreme Court will begin hearing the case following the JIT's report submission on July 17.
Stock market experts said the market is reacting to the political uncertainty prevailing in the country.
