Panama JIT revelation jitters investors, PSX loses 1500 points
KARACHI: Pakistan Stock Market plunged by 1500 points following the excerpts of Panama Joint Investigation Team (JIT) appeared yesterday evening, revealing all the transactions done by the Prime Minister Nawaz Sharif were not disclosed by him or his family members.
PSX 100-index fell 1,500 points or 3.25% in early trade, in reaction to the JIT’s report and the uncertain political situation. Out of 228 Scrips traded only 9 were positive with 216 down and 3 unchanged.
The revelation by the JIT during yesterday evening was enough for the investors who received tremors and index lost substantially. Recovery at the stock market now became a million dollar question and the index might suffer further downward session as the moods of the investors have been battered substantially.
Following the loss, the market capitalization has been eroded by more than Rs 220 billion. Since the appearance of Prime Minister Nawaz Sharif and his sons and daughter and Finance Minister Ishaq Dar, index has suffered a decline in excess of 8000 points and the market capitalization has been down by nearly Rs 1200 billion.