KARACHI: Pakistan Stock Exchange crashed losing billions after detailed verdict against former president Pervez Musharraf.
Pakistani stocks crashed Thursday in reaction to a detailed verdict against former president General (retd) Pervez Musharraf whom it had pronounced guilty of high treason earlier this week.
Opening at 41,603 points, the Pakistan Stock Exchange's KSE-100 Index registered 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 the release of the verdict, following the 2PM release of which it nosedived, plunging to 40,415 points at one instance.
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 loss of 948 points or 2.33 percent.
Thursday's dip was the first major one in weeks for the bourse that had been rallying sharply over improved outlook on the economy. In total, 169,915,190 shares worth Rs9,443,410,842 were traded on Thursday.