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Imran’s civil disobedience call: KSE drops 65 points

Imran’s civil disobedience call: KSE drops 65 points

KARACHI: Karachi Stock Exchange 100-index went sliding down by 65.60 points (-0.23 per cent)  to stand at 28852.15 points after the call of civil disobedience from Pakistan Tehreek-e-Insaf Chairman Imran Khan.

After its closure on weekend KSE 100-index has lost 211 points in first forty minutes trading touching bottom line of 28681.31 points, however, it gains 250 points in next two hours with highest intraday index of 29169.21 which gradually decreased to 28852.15 points. The total shares traded today were 87,108,360.

The economic analysts said that impact of Imran Khan’s civil disobedience movement will be devastating for already suffering economy.  “Even the people having no knowledge of Economics and economical growth can guess that resistance to pay taxes and utility bills can play irreversible havoc” they added.

“It is common knowledge that the some shareholders of Pakistani business community were the type of conspiracy theory nut who believes that call of disobedience has power to over throw a democratic government, but on the other hand some sophisticated buyers know that enough people (Political parties, Army) had a stake in continuing the political process and they have been happily buying quality stocks at bargain prices,” they argued.

They were of the view that civil disobedience or public’s refusal to pay bills can lead to declining working class incomes, job security, unemployment, weakening of the national exchequer and consequently will result into more poverty.