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Violent political clashes panic stocks as KSE plunges to 32,032

Violent political clashes panic stocks as KSE plunges to 32,032

KARACHI: Violent clashes between the workers of PML-N and Pakistan Tehreek-i-Insaf in Faisalabad triggered panic in the Karachi Stock Market and the KSE 100-index plunged to 32,032 points, losing 116.51 points or 0.36 percent till midday trading on Monday.

The investors preferred caution and remained at sidelines.

The market started the new trading week on a positive noted and appeared confident, adding another 24 points to the weekend closing of 32151 points to reach 32175points. However, later stocks crashed due to panic triggered by news about violent clashes between the workers of PML-N and PTI as the latter had given a “shutdown Faisalabad” call for Monday (today).

Several people were injured in clashes that took place between supporters of the PTI and the PML-N in Faisalabad on the occasion of ‘shutdown’ being observed by the PTI.

Khan is also scheduled to arrive in Faisalabad in the afternoon. The PTI chief has promised that the strike in Faisalabad is the first of a series to target major cities in the country after leading a month-long demonstration in Islamabad that shut down the city and sparked clashes.

His party has demanded Prime Minister Nawaz Sharif’s resignation over their accusation of fraud in the May 2013 election that brought him to power.

Meanwhile, a PTI activist, identified as Asghar, was killed in clashes with police and PML-N supporters while several others were injured clashes at different places.