KARACHI: Pakistan Stock Exchange crashed losing billions after detailedverdict against former president Pervez Musharraf.
Pakistani stocks crashed Thursday in reaction to a detailed verdict againstformer president General (retd) Pervez Musharraf whom ithad pronounced guilty of high treason earlier this week.
Opening at 41,603 points, the Pakistan Stock Exchange’s KSE-100 Indexregistered a high and low of 41,796 and 40,414 points, respectively,plummeting almost 1,189 points during trading hours.
The benchmark index started to dip around midday as market anticipated therelease of the verdict, following the 2PM release of which it nosedived,plunging to 40,415 points at one instance.
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However, the market bounced back in the final 45 minutes of the session,regaining 434 points to close the day at 40,655 points — an overall lossof 948 points or 2.33 percent.
Thursday’s dip was the first major one in weeks for the bourse that hadbeen rallying sharply over improved outlook on the economy. In total,169,915,190 shares worth Rs9,443,410,842 were traded on Thursday.
