Stock Market Crash

KARACHI (Web desk) – Pakistan Stock Exchange (PSX) took a nosedive on Friday morning ahead of the Panama case verdict to be announced by the Supreme Court.

The market opened on a negative note and within no time it lost 1100 points where more than 200 companies landed in the negative zone and market capitalization evaporated by Rs 200 billion.

As expected, the index showed negative signs following the announcement of the verdict to be announced today. The Panama case and JIT have already made immense scars on the PSX 100-index run up. The index from the high of 52865 points attained on May 24 has lost in excess of 7000 points.

The market received another jolt due to the press conference of the Minister of Interior Chaudhry Nisar Ali Khan, who lamented that he would leave the politics and would resign after the Panama decision.

“This showed that some cracks appeared within the party and seasoned politician and the minister would soon leave the PML-N and would not contest next election as well”, an analyst.

The market would react accordingly after the apex court’s decision, said the analyst.