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PSX witnesses worst day, drops 1,218pts

PSX witnesses worst day, drops 1,218pts

KARACHI: The Pakistan Stock Exchange has witnessed a worst day in terms of points and percentage as upcoming verdict of the Avenfield properties reference shattered investors’ confidence.

The benchmark KSE-100 reached 40345.68-point mark amid low volumes and absence of any buying interest whatsoever. The index opened at 41,564.42 points.

The reference is among those filed by the National Accountability Bureau (NAB) against former prime minister Nawaz Sharif and his children on orders given by the Supreme Court during the Panamagate case.

Market talk suggested that the outcome of the verdict is casting a shadow on events leading up to the general elections slated to be held on July 25.

The volumes remained on the lower side with only 117.6 million shares worth Rs5.8 billion traded as only 29 of the 326 traded scrips advanced, while 2852 declined in value and 15 remained unchanged. The cement sector dominated trading with 17.4m shares traded.