JIT aftershocks: Bears continue rule over PSX

July 12, 2017

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KARACHI: The aftershocks of Panama Papers JIT report against Prime Minister Nawaz Sharif continued to influence Pakistan Stock Exchange (PSX) for the third consecutive day on Wednesday.

According to our correspondent, the benchmark PSX-100 Index plunged 1000 points as the day’s trading commenced.

Within minutes of the market opening, the benchmark KSE-100 index plunged over 1,000 points, going from 44,120 at 9:30am to 43,343 by 11:30am ─ a drop of nearly 2.07 per cent.

By around noon and by the closing, the market is likely to fall further, according to stock market brokers.

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The PSX is witnessing bearish trend under factors of uncertainty and panic caused by political instability following after a joint investigation team (JIT) report on the ruling Sharif family’s financial history was submitted to the Supreme Court on Monday.

Yesterday, Pakistan Stock Exchange suffered a loss of four hundred billion. – Samaa