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Midday: Bears rout bulls as KSE plummets 535pts, down 1.63% to 31221pts

Midday: Bears rout bulls as KSE plummets 535pts, down 1.63% to 31221pts

KARACHI: Bears routed out bulls from the Karachi Stock Exchange with the benchmark KSE-100 index plummet 535.12 points or 1.63 percent to came down to 31221.17 points till midday trading on Thursday.

The market failed to start off on a positive note and recoup the overnight losses that were triggered by a profiting taking spree, forcing the benchmark to red zone.

Following the negative sentiments concerned the investors due to the uncertainties and they opted for playing safe and take their cash off the table.

The investor concerns were exacerbated by the developments on the political front with major political parties feared to be treading on a collision course.

In the wake of Pakistan Tehreek-i-Insaf (PTI) rally scheduled for November 30 in the federal capital, Interior Minister Chaudhry Nisar Ali Khan declared that the government would not create any hurdle in holding a ‘peaceful political gathering’.

He, however, added that the organisers will have to follow the procedure and get permission from the local administration about the site and other conditions.

Ch Nisar said that no one would be allowed to take the law into his own hands.

“The government and the administration will deal with iron hands if somebody tried to violate the law,” said the interior minister, adding that nobody would be allowed to create a law and order situation in the federal capital.

He said that Army troops, deployed earlier to protect sensitive installations and state buildings in Islamabad, can be called back in if the need arises.

Meanwhile, Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri arrived in Lahore on Thursday morning.

The firebrand cleric left the airport amid strict security measures and set off to visit Data Darbar en route to his party secretariat in Model Town.

Qadri asked his supporters to remain peaceful as “The righteous shall win.”