PSX drops nearly 2,300 points as jitters set in

KARACHI: The Pakistan Stock Exchange (PSX) has dropped 2,281 points as the jitters set in, after the opposition party proceeds towards red zone in the federal capital.

Earlier, in the day, the benchmark KSE-100 index had gained over 1,700 points, after opening at 98,079.78 points. Around 11 AM, the index was seen hovering 99,777 points. By noon, some of these gains had eroded, but the index was still well in green with over 800 points growth, hovering around 98,960 points.

Defying political noise, PSX crosses 99,000 points

The bullish trend seemed to be spread across the entire index showing an overall growth in the investor confidence, instead of specific sectors leading the growth. It is notable, that during the same time, the law and order situation in the federal capital continues to get more unstable as the opposition party activists continue to march towards red zone.

However, soon after, the index turned tide and dropped nearly 2,300 points below the opening stage. The index has been achieving historic highs during the past few weeks, unfettered by the political and profit-taking pressures. However, today the political instability seems to have taken its toll in the bourse.

Around 12:40, the index looked like this: