KARACHI: The stocks took heavy beating as the bears ran amok on Thursday dragging the KSE-100 index down by 506.68 points (1.33 per cent) to close at 37,516.12, which represented the lowest index level for 2019.
Investors were discouraged by a host of bad news. The Asian Development Bank report stated that the country would continue to face macroeconomic challenges despite tight fiscal and monetary policies to rein in twin deficits leading to deceleration of the GDP to 3.9pc this fiscal year.
A major brokerage house stated that the panic selling ensued “amidst rumours of resignation of a key government official and change of parliamentary form of government to presidential.”