KARACHI (Monitoring Desk): Stocks took a battering as the KSE-100 Index – a benchmark for market performance – plunged over 750 points or 1.6% in intra-day trading on Monday.
The index, which hit its record high during January before brokers’ default, regulatory action and uncertainty over the Panama case verdict took their toll, was hovering around the 46,850-point mark by 2:20pm.
Volumes remained on the lower side, suggesting that even at these attractive valuations there was little interest on the part of participants who are opting to wait for clarity on the political front.
The plunge follows that of similar bearish runs during the previous week when the KSE-100 shed 506.68 points on Thursday and another 373.52 points on Friday.
Investors have opted to stay on the sidelines as political uncertainty regarding the Panama case verdict has overshadowed any positive triggers that may arise from Pakistan’s reclassification into MSCI’s Emerging Markets Index next month.