PSX sees bearish trend after damning JIT report; KSE-100 index loses 2100 points

KARACHI: The investigation report into financial dealings of the Sharif family which concluded that the ruling family has acquired ‘assets beyond means’ hit the stock market as the trading opened on Tuesday.

The KSE 100-share Index of Pakistan Stock Exchange (PSX) dropped 4.56 percent or 2108.98 in the morning session.

On Monday, the KSE 100-share Index of PSX gained 2.3 percent or 1,051.66 points to close at 46,273.81 points as the 'market participants were relieved by news that the apex court had not taken any hasty action and has adjourned the court proceeding till next week'.

The Joint Investigation Team (JIT) constituted by the Supreme Court for probing the allegations of financial irregularities and money laundering by the first family recommended filing of a reference, through the NAB, against Prime Minister Nawaz Sharif and his family after disparities were found between their known source of income and the actual wealth.

Commenting on the matter, expert Muzammil Aslam said the investor is uncomfortable on the JIT report but hopefully this trend would not continue for long and the market will move up soon.

The market saw upward trend yesterday on reports that the prime minister has been acquitted by the probe committee but the final report recommendation to file corruption charges against the Sharif Family made the investors jittery, he said.