Stock market experiences post-JIT fallout: Drops by 2,100 points

KARACHI: The Pakistan Stock Exchange had sudden fallout following the Monday’s final report by the Panama case Joint Investigation Team against the Prime Minister Nawaz Sharif and his family.

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

A loss of Rs.425 billion has been seen in declining stock market resulting into fall of the share value of 305 companies.

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

Another fallout occurred on June 12, when 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 final probe report into the Sharif family’s assets, held that the prime minister and his three children Maryam, Hussain and Hasan have accumulated wealth beyond their own known sources of income.