Political uncertainty eats up Rs388 billion

KARACHI - The Karachi Stock Exchange benchmark 100 index took a dive of 1,289 points or 12 per cent while the market capitalisation plunged by Rs 388 billion in last six trading sessions after the dramatic exit of former President Pervez Musharraf.

Pervez Musharraf announced resignation on August 18, and the stock market celebrated it for two days, Aug 18-19. However, this bullish sentiment and strong rally in market proved artificial and short-lived as the market continued to march towards recession after two days rejoicing.