Market Stance: PMs JIT Summon wrecks havoc on market

Last week’s market activity was uneventful to say the least. After a horrific week before it, the last week’s performance can be termed as stationary at best. The experts had anticipated an uptick in this week’s performance after the sporadic behavior of the market since 1^st of June, 2017.

The market was poised to cross the 50,000 threshold today but the investors were in a selling frenzy this morning. The market was shocked by the news of Prime Minister Nawaz Sharif’s summoning by the JIT under the Panama Leaks probe. The news has sent a wave of skepticism in the market as the events unfold. The much followed happenings of the historical JIT against sitting Prime Minister is first of its kind development for the country’s judicial and political system.

The political instability in the country continues to hinder the economic growth in the country, as the events in the political arena overshadowed Pakistan’s inclusion in Shanghai Cooperation Organization (SCO) and MSCI – Emerging Markets.

The market has shed a total of 1688.70 points or a 3.41percent since the morning session.

The carnage however, appears to be far away from subsiding. As the investors continue to sell as Prime Minister is set to appear before the JIT on Thursday, June 15^th.

The total effect of news will be gauged at the close of market today.