Stocks take a hit as KSE-100 plunges by over 600 points

[FOOLS_NIGHTMARE]

The stock market took a hit on Wednesday as the benchmark KSE-100 index plunged by over 600 points during intraday trade as deepening political concerns spurred panic-selling.

As per the PSX website, stocks plunged 673 points during the intraday trade with traders saying that the index had most probably not hit its bottom as of yet.

Analysts pinned this phenomenon on the PTI’s long march that is starting on Friday and is seen as a threat to law and order situation across the country.

The selling pressure started mounting as the session progressed as it is widely believed that political agitation would further undermine the country’s struggling economy.

The sectors that bore the brunt of selling included cement, oil and gas, technology and communication, and power generation losing around 111, 83, 79, and 64 points respectively.

The stocks that dented the index the most were TRG Pakistan, Hub Power Company Limited, Pakistan Petroleum, and DG Khan Cement Company Limited.

Stocks take a hit as KSE-100 plunges by over 600 points

Announcement of PTI's long march seen as the main reason behind the panic-selling

www.geo.tv

 

[S.Y.A]

Analysts pinned this phenomenon on the PTI’s long march that is starting on Friday and is seen as a threat to law and order situation across the country.

yeah, nothing to do with Dar's failed visits abroad. also nothing to do with falling reserves. even dawn has pointed out that Dar's balloon ahs burst. there is no more forex to throw into the market. lol. so much for experienced team. at least miftah knew what he was doing and didnt bury his head in the sand.

 

[TheDarkKnight]

But Hakeem Rana Sanaullah has drones which will fire tear gas shell. So whats the worry?