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Midday: Stocks plunge 433 points as political stalemate persists

Midday: Stocks plunge 433 points as political stalemate persists

KARACHI: The bears continue its rampage in Karachi Stock Exchange (KSE) as benchmark 100-Index shed 433 points and plummeted to 27378.67 in midday trading on Thursday. The KSE has dropped more than 1,400 points in past 3 days due to the political deadlock persisted in the capital city Islamabad where PTI’s Imran Khan and PAT Chief Tahirul Qadri are not backing off from their demand for Prime Minister Nawaz Sharif’s resignation. Earlier, the day opened with overnight closing of 27,811.35 and took a deep plunge, extending the overnight losses. The bearish sentiments prevailed over all sectors as investors dumped stocks and switched to other secure investments. The volatile political atmosphere sent shivers down the spine of nervous investors. Foreign investors sold equities worth $2.31 million on Wednesday. Yet, optimists said that the market had priced in the bad news over the political situation. The analyst expected the market to remain volatile with a negative bias as politics was thought to decide the short term direction either towards bears or bulls. It is to be noted that the ongoing political crisis was triggered by Paksitan Tehreek-e-Insaf’s Azadi march and Pakistan Awami Tehreek’s Inqilab march. Thousands of activists of the Imran Khan’s led PTI and Allama Tahirul Qadri’s led PAT have been camping in front of the Parliament House, demanding resignation of PM Nawaz Sharif and dissolution of the assemblies. According to reports, the economy has suffered colossal losses to the tune of Rs900 billion to the current political impasses.