KSE-100 index sheds 500 points at the very outset

KARACHI: The stock market on Tuesday morning was seen heading to witness yet another worst day as the benchmark KSE-100 index went sliding down by 500 points at the very outset of trading to peg at 27, 564 marks.

The market struck by continued political standoff between the government and the opposition had witnessed yesterday the worst crash in five years as the index had lost 4.46 percent, which triggered panic selling across the board. The KSE-100 Index shed 1,309.09 points — biggest ever single day fall in the index — to 28,071.41 points on Monday.

Analysts said this sluggish spell in the market is strongly related to the prevailing political instability in the country and hoped that with the improvement in political environment the investors would also resume playing their dynamic role to put market back on track again.