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Pakistani stocks plummet amid political turmoil


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Trader at Karachi Stock Exchange — File Photo
Trader at Karachi Stock Exchange — File Photo

KARACHI: Pakistani stocks plummeted more than 500 points on Tuesday as the Karachi Stock Exchange witnessed a flurry of selling in the wake of fresh political uncertainty in the country.

The benchmark Karachi Stock Exchange 100-index fell 3.16 per cent, closing 525.29 points lower at 16,107.89, compared to Monday’s closing of 16,633.18 points. A total volume of 170.14 million shares were traded Tuesday.

Pakistan’s Supreme Court ordered the arrest of 16 accused, including Prime Minister Raja Pervez Ashraf, on Tuesday, while firebrand cleric Tahirul Qadri led tens of thousands of protestors into Islamabad, demanding the assemblies be dissolved and the government step down immediately.

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