KARACHI: The stock market took a hit on Wednesday as the benchmark KSE-100 index plunged by over 600 points during intraday trade as deepening political concerns spurred panic-selling.
As per the PSX website, stocks plunged 673 points during the intraday trade with traders saying that the index had most probably not hit its bottom as of yet.
Analysts pinned this phenomenon on the PTI’s long march that is starting on Friday and is seen as a threat to law and order situation across the country.
The selling pressure started mounting as the session progressed as it is widely believed that political agitation would further undermine the country’s struggling economy.
The sectors that bore the brunt of selling included cement, oil and gas, technology and communication, and power generation by losing around 111, 83, 79, and 64 points respectively. The stocks that dented the index the most were TRG, HUBC, PPL, and DGKC.