Stocks bleed 785 points as political noise amplifies.
KARACHI -- Stock prices collapsed on Monday under the pile of unsavoury news that sent investors fleeing for the exit door. The KSE-100 index tumbled 785.42 points (2.32 per cent) to close at 33,084.73. A sum of Rs127 billion was wiped away from market capitalisation.
The mounting tensions on the border with India and the deepening political uncertainty due to the intended march to Islamabad by several political parties darkened the mood of investors.
As the government's plans to deal with protesters remained generally unknown, investors thought it prudent to take profit and stand clear. Many analysts attributed the fright and flight to the Financial Action Task Force's decision that came with warnings and caution that the country had four months until February 2020 to comply fully with its action plan on anti-money laundering and terror financing or be prepared to be dumped in the black list.
Since the official statement of FATF was released after the close of session last week, the full impact of negative connotations was reflected in trading on Monday.
Traders said that start of the rollover week also added to spoil the mood, while investors also braced for the upcoming financial results, most expecting dreadful...
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