Panama JIT report aftershocks: PSX loses 2,153 points
Experts believe political crisis is the reason behind one of history's worst declines for PSX value
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) has suffered from one of the worst declines in its history by losing 2,153 points within a day in light of the ongoing political crisis in the country.
After the Joint Investigation Team (JIT) submitted its report to the Supreme Court regarding Panama case, the investors in the stock market faced huge loss in their capital.
JIT report asks the apex court to lodge case against Prime Minister Nawaz Sharif and his sons Hussain Nawaz and Hassan Nawaz in National Accountability Bureau (NAB) over contradiction in money trail for offshore accounts and evidence of corrupt practices.
The investors started selling their share from the very start on Tuesday due to the tense political situation. There were a less number of buyers which reduced the stock prices. The stock exchange lost 2,153 points before the market closed in the evening.
According to the some of the brokers, reduction in prices worth almost Rs. 370 billion was caused as the shares lost their value. They predicted a further decline in points if the political situation doesn’t improve.
Earlier on Tuesday, it was reported that plunged by 1,500 points due to the same reason.