Karachi stock prices slid by over 1.5 percent Wednesday amid across-the-board selling as investors are concerned over ongoing political crisis.
The Karachi Stock Exchange’s benchmark 100-share index was trading down 448.60 points, or 1.6 percent, at 27,794.99 points at around 1100-hour PST.
Dealers said that investors are worried over deepening political crisis especially after Lahore High Court on Tuesday upheld lower court order that an FIR be registered against prime minister, chief minister and other federal ministers in connection with Model Town tragedy.
“The market is likely to remain under pressure in coming days as well until political uncertainty is over,” said a senior dealer, adding investors are also anxious about a deadline, which is expiring this evening, given by Dr Tahirul Qadri.
Anti-government protests by Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek are taking its toll on the market, which has shown some phenomenal gains in the last few months.
