KARACHI: The benchmark KSE 100 index shed 1300 points due to the fears and uncertainty caused by the prevailing political unrest in the country which has shaken investors’ confidence.
On Monday the Karachi Stock Exchange (KSE) opened with negative sentiment and fell over five per cent in the first two hours of the day’s trading, with the KSE-100 down 1,310 points while trading at 28,126.38.
Analysts attributed the fall to political tensions and uncertainty as the days come near for the opposition party Pakistan Tehreek-i-Insaf (PTI) to hold an Azadi march in Islamabad on August 14 and the clashes between the Pakistan Awami Tehreek (PAT) workers and police personnel in Punjab.
The Karachi Stock Exchange is notoriously bad at judging the impact of political events on financial outcomes. That means that, for a politically sophisticated observer, market gyrations brought about by mass political protests or other political noise — such as those of this past week — can represent a fantastic buying opportunity.
The KSE is more than just the physical stock exchange and its management. It is the 200 brokerage firms, their thousands of employees and hundreds of thousands of clients all making investment decisions simultaneously that results in a collective view of what they think the future holds.
Last week, the KSE-100 index fell by 933 points (3.1%) to close at 29,380 points.
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