KARACHI: Stocks plunged on Wednesday as investors rushed for the door in anticipation of a potential showdown between the government troops and the PTI‘s long-marchers on Friday, according to brokers.The benchmark of Pakistan’s capital market, the KSE-100 Shares Index, lost 650 points to settle at 41,540.03 points.
The Pakistan Stock Exchange (PSX) was in a state of panic the entire day due to market rumours that the government will use all available means to put an end to the PTI’s long march, which would likely lead to turmoil and disorder and put strain on the country’s already fragile economy.
265 million shares were traded for the day, an increase of 36%, and Rs7.71 billion, an increase of 24% over the previous day. The company with the most shares, 35.39 million, was WorldCall Telecom.
Fearing the economic repercussions of the political turbulence that is expected to sweep the nation as the PTI’s planned campaign starts on Friday, investors raced to hedge their risks.After Chairman of PTI Imran Khan declared his long march would begin from Lahore on Friday, October 28, 2022, the benchmark Index recorded an intraday low of 699 points, according to Topline Securities.
