Karachi stock prices crashed over 4 percent in early Monday trade as heavy across the board selling was seen by investors worried over political uncertainty in the country.
The benchmark Karachi Stock Exchange (KSE) 100-share index was trading at 28,126.38, down 1,254.12 points, or 4.21 percent, at 1000 hours PST. “There is heavy selling on concerns over political situation. There is a lot of uncertainty,” said a senior dealer.
Dealers said that the market outlook is seen negative in the short-term, negative political developments will continue to weigh on the market in days to come. Anti-government protests by Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) are having a negative impact on the market, which has shown some phenomenal gains in the last few months, the dealers said. – Samaa