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KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnessed bearish trend as investors stampeded towards the exits ahead of a probable showdown between the government forces and the PTI’s long-marchers on Friday.
The KSE-100 Shares Index, the benchmark of Pakistan’s capital market, shed 650 points to close at 41,540.03 points.
Panic prevailed at Pakistan Stock Exchange (PSX) the whole day as the market was abuzz with speculations the government would go to every length to crush the PTI’s long march, causing chaos and spreading anarchy in the process, which may mount pressures on the struggling economy.
Investors hastened to hedge their bets, fearing the economic fallout of the political unrest, slated to take the country by storm as the PTI’s planned long launches on Friday.
Topline Securities said the day kicked off on a negative note where the benchmark Index made an intraday low of 699 points after Chairman PTI Imran Khan announced his long march would start from Lahore on Friday October 28, 2022.
“The major decliner in today’s trading session was TRG Pakistan as it knocked 89 points out of the index, closing at its lower limit with a loss of 7.5%,” the brokerage added.
Analysts pinned this negative phenomenon on the PTI’s long march seen as a threat to the law and order situation across the country. It is widely believed that political agitation would further undermine the country’s struggling economy.