Stocks bleed in turbulent week


The market turmoil was triggered by the accountability court’s announcement on Tuesday — arriving after trading time — that the verdict against Sharif family in the Avenfield reference case has been finalised. Fearing the worst, investors jettisoned shares so that the market witnessed a blood bath the next day with the index crashing by 2.9pc and marking the biggest single day decline in about 11 months.

But as the court handed down prolonged jail terms and stiff fines to Nawaz Sharif and Maryam Nawaz, the clouds of uncertainty dissipated on the last day of the week. In the 10 minutes that remained for trading after the verdict on Friday, no dramatic change was seen in the mood of the market.

During the outgoing week, investors were also spooked by the credit rating agency Fitch warning Pakistan to focus on its worsening economic conditions and depleting foreign exchange reserves.

Categories: Business

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