KARACHI – Pakistan stock exchange recorded hefty decline and reached toalmost nine month low mark with red signs dominated the proceedings whereindex plunged by 2.1 percent with political temperature to rise after NAB’smove to arrest former chief minister of Punjab Shahbaz Sharif.
Hamad Aslam, director research of Elixir Securities said that onslaught inthe market continued as investors remained gloomy due to lack of clarityfrom the government on how it plans to tackle the Balance of Payment crisis.
Harsh statements from IMF on the requirements to significantly depreciatePak Rupee and increase interest rates also dented sentiments for investorswho eagerly await announcement of Pakistan’s entry into the IMF Program.
During the second half of the day, ex- Punjab CM Shehbaz Sharif’s arrest bythe National Accountability Bureau (NAB) added fuel to the fire.
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Resultantly, the market closed down at 39,226 (lowest level since December21, 2017), registering a decline of 2.1 percent for the day –biggest sinceJuly 9, 2018.
