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KSE-100 nosedives nearly 1,000 points after Shehbaz Sharif arrest

Investors expecting political unrest by the opposition

SAMAA | - Posted: Sep 28, 2020 | Last Updated: 12 months ago
Posted: Sep 28, 2020 | Last Updated: 12 months ago

Photo: AFP

The KSE-100 dipped 960 points on Monday after the National Accountability Bureau arrested PML-N President Shehbaz Sharif. The benchmark index of the Pakistan Stock Exchange stood at 40,741 points.

The market was this low at the start of the month.

On September 11, the market reached a high of 42,647 points after which it witnessed a fall daily.

Intermarket Securities Research Director Raza Jafri says this is a continuation of last week’s downside pressure. “Today’s fall could be attributed to the arrest of Shehbaz Sharif which could create political unrest in the country. Investors feared the opposition could go on a march, so they rushed to sell their shares,” he said.

The market had gone up by 50% since March and this could just be a correction, he said, adding that there is still a lot of uncertainty.

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