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KSE plunges to 31,178pts; loses 91pts, 0.29pc ahead of PTI’s Nov 30 ‘showdown’

KSE plunges to 31,178pts; loses 91pts, 0.29pc ahead of PTI’s Nov 30 ‘showdown’

KARACHI: The fast-changing political scenario and fears of a looming political showdown on Nov 30 caused ripples in the Karachi Stock Exchange as benchmark KSE 100-index lost 91.34 points or 0.29 percent and plunged to 31,178 points till midday trading on Friday.

The stocks failed to cash in on the euphoria created by Pakistan’s successful return to the international sukuk market after a gap of nine years. The KSE benchmark KSE 100-index seemed depressed and failed to hit back at the bears.

The KSE-100 index started trading at overnight closing of 31,270 and failed to pick up momentum. The investors and brokers exercised caution on the back of political uncertainty, limited foreign interest and uncertainty in global stocks and commodities.

The fast-blurring political scenario kept the market under pressure and shook confidence of the investors.

Analysts believed that bears took hold of the market, reacting to the statements of the interior minister that suggested that the government would clamp down on Pakistan Tehreek-i-Insaf protesters on Nov 30.

It is to be noted that Imran-led Pakistan Tehreek-i-Insaf has given a call for “what the party claims” historic public meeting in the Federal capital on Nov 30 while the government seems to have prepared for dealing with the protestors sternly.