Karachi Stock Exchange faces severe blows
KARACHI – The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Wednesday as the Karachi Stock Exchange 100 index slipped by a staggering 1100 points.
The index opened higher, at 41,000 but could not sustain the momentum, peaking at 41,564 points before losing point mid-session to touch the day’s low of 40, 375 points.
Currently, the index is hovering around 40, 000 points and the total volume of trade is 52,663,600.
Multiple factors account for the step tumble including the verdict in the Avenfield reference due against the former ruling family, on Friday.
Moreover, the election fever has gripped Pakistan and political parties are indulged in electioneering, with the caretakers at the helm of affairs.
The placement of Pakistan on the grey list by the ‘Financial Action Task Force on Money Laundering’ (FATF) could be another decisive reason for the trend, that is visibly going against the wishes of the traders and investors.