Panic tore apart the investors’ confidence at Pakistan Stock Exchange (PSX) on Tuesday as volatile political situation led to the crashing of the share prices by massive 3,500 points, reported 24NewsHD TV channel.
Though the bourse started the day with a big stride of over 1,700 points but soon the violent happenings in the federal capital ate up the morning session gains and at the close the panic gripped the trading leading to massive slide in the prices.
The benchmark KSE-100 index ended the day at 94,574.16 points down by a huge margin of 3,505.62 points or 3.71 percent as compared to previous day’s closing of 98,080 points, neutralizing the gains of many sessions.
The share prices fell line nine pins following reports that the government had deployed Army to control a violent protest in Islamabad organized by the Pakistan Tehreek-i-Insaf (PTI). The deployment of military forces and the escalating unrest triggered widespread concerns among investors, prompting sell-offs across the board.
The market’s downturn comes after a period of optimism, with the KSE-100 index recently reaching a historic high of 98,080 points, sparking hopes that the index could soon surpass the 100,000-point landmark. However, the escalating political instability has cast doubts on the market’s ability to maintain its upward momentum.
Reporter Rana Ayaz