Pakistan Stock Exchange bleeds 1,900 points as Panama probe enters final round

  • Bearish trend owed to Panama probe nearing completion

KARACHI – A bearish trend was witnessed in the Pakistan Stock Exchange as the week began on Monday, with a decline of over 1,700 points on the 100 index.

Top trading companies, blue chips and investment stocks were showing red signs and their share price dipped in the range of Rs 2 per share to Rs 14 share which are top volume leaders.

Shares of 318 companies were traded today out of which prices of 283 saw a sharp decline.

The major reason behind the notable fall is said to be the proceedings over the Panama case over the past week, which has made the investors cautious.

Economic expert Ahsan Mehanti held a same viewpoint and attributed the prevailing negativity in the market to uncertainty over the outcome of the Panamagate joint investigation team’s (JIT) probe into the Sharif family.

“Investors in the capital market are fearing that it (the decision on Panama Papers leaks investigations) might be against the ruling regime,” he told Dawn.

He was of the view that uncertainty will prevail over the market until July 10, which is when the JIT is expected to submit its report before the Supreme Court.