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Stocks bleed amid political turmoil


Stocks bleed amid political turmoil
KSE-100 index dives 2,049 points as economic, political concerns weigh
KARACHI:
The Pakistan stock market saw a massive sell-off in the outgoing week as the benchmark KSE-100 index nosedived 2,049 points, or 4.5%, in the worst weekly rout in the past one year.
It was the biggest weekly decline since the week ended March 27, 2020 when the market plunged 8.34%.
The KSE-100 index settled at 43,788.08 at the end of trading week on Friday, March 12, 2021, following a bear rampage that dented investor sentiment. The sell-off continued for four successive sessions as panic and uncertainty reigned.
Mainly the growing fear of a third wave of Covid-19, political uncertainty amid the Senate chairman election and Pakistan’s efforts to meet pending conditions of the International Monetary Fund (IMF) loan programme took their toll on the bourse, which lost significant ground. ....

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