Post-JIT report: Stock market dips 2,100 points

KARACHI: July 11 (TNS): The Pakistan Stock Exchange reacted negatively to Monday’s damning report against the prime minister and his family by the Panama case Joint Investigation Team.
The benchmark KSE 100-index dropped by 2,100 points, reaching 44,151 points around 1:30pm on Tuesday.
The decline in the stock market represented a loss of Rs425 billion, informed sources said adding that share value of 305 companies fell as a result.
On Monday, the day the JIT report was submitted, the KSE-100 index experienced a gain of 2.33% or 1,051.66 points, to close at 46,273.81 points.
The stock market has been taking hits since the past month or so for various reasons, including the ‘unjust buildup’ to its entry in the MSCI Emerging Markets Index, ‘unfriendly’ measures in the new fiscal year’s budget and the ‘political uncertainty’ related to the Panama Papers case.


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