Post-JIT report: Stock exchange dips 2,100 points

The Pakistan Stock Exchange responded adversely to Monday’s damning report versus the prime minister and his household by the Panama case Joint Investigation Team.

The benchmark KSE 100-index visited over 2,100 points, reaching 44,151 points around 1:30 pm on Tuesday.

The decrease in the stock exchange represented a loss of Rs425 billion, notified sources, including that share value of 305 businesses fell as an outcome.

On Monday, the day the JIT report was sent, the KSE-100 index experienced a gain of 2.33% or 1,051.66 points, to close at 46,273.81 points.

The stock exchange has been taking hits since the previous month or two for different factors, consisting of the ‘unjustified accumulation’ to its entry in the MSCI Emerging Markets Index, ‘hostile’ steps in the brand-new ‘s spending plan and the ‘political unpredictability’ associated to the Panama Papers case.

On June 12, after the prime minister was summoned to appear before the JIT, the benchmark index fell by 1,855 points at the close of trading.

The JIT, in its last probe report into the Sharif household’s possessions, held that the prime minister and his 3 kids– Maryam, Hussain and Hasan– have built up wealth beyond their own recognized income sources.

The next hearing of the case is on July 17.

The Supreme Court’s unique application bench likewise directed on Monday for the registration of an FIR versus Security and Exchange Commission of Pakistan Chairman Zafar Hijazi for tampering records in favour of the Sharif household.