ISLAMABAD – The Karachi Stock Exchange has suffered the biggest loss of theyear 2018 today.
The ongoing political instability further fueled by former prime ministerNawaz Sharif’s controversial comments coupled with looming macro headwindsdampened investor sentiments with the benchmark KSE 100 closing at 41,624points (-4.52 per cent WoW), highest weekly loss of 2018 amidst depletingforeign reserves and rising political noise ahead of general election 2018.
The market settled with a loss of 246.13 points on Friday.
Despite all of the negative news flow during the outgoing week, seemingly abrutal week for investors has finally come to an end with a staggering lossof 1,971.27 points (-4.52 per cent) during the outgoing week, withsupply-side pressure coming from LUCK (-10.23 per cent), HBL (-4.47 percent) and ENGRO (-6.47 per cent).
Moreover, the KSE 100 index has accumulated a cumulative loss of 5,520.6points (-11.71 per cent) since April 6, 2018 (from intraday high of47,144.12). Well rooted in correction territory now, the KSE 100 index hasstaged this retreat amid concerns on the economy, politics, foreign sellingand reduced trading hours due to Ramzan.