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Meltdown on PSX; index plunges 991 points [Dawn News] 31 Jan, 2017

KARACHI: Panic-selling ensued on the stock market on the first session of the week where the benchmark KSE-100 index plunged 991.53 points (1.98 per cent) to close at 48,972.24.

The market opened on a positive note, adding 378 points to the index as heavyweight OGDC gained on the back of the news that Cabinet Committee on Privatisation had put a hold on five per cent divestment of government’s holding in the company.

But the investors were soon gripped with panic on President Donald Trump executive order banning citizens from seven Muslim-majority countries from entering the US, followed by White House Chief of Staff hinting that the ban could extend to Pakistan in the near future.

Additional pressure during the second half stemmed from notices on the PSX website regarding suspension of trading terminals of certain brokers due to their non-compliance with CDC regulations.


    
 
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