PSX closes on bearish note following Panama case hearing
An unexpected decline in the USD's value earlier in the day was followed by an increase in the KSE-100 index
July 19, 2017
KARACHI: The KSE-100 index decreased by 217 to reach the 45,418-points level at close of trade on Wednesday.
During the first half of trading, the US Dollar's value fell by 9 paisas in the interbank market.
The unexpected decline in the USD's value from Rs105.39 to Rs105.30 during early trading hours was followed by a 126-points increase in the KSE-100 index, which crossed the 45,762 points level during the day.
A special implementation bench, headed by Justice Ejaz Afzal Khan and comprising Justice Sheikh Azmat Saeed and Justice Ijazul Ahsan, began hearing the Panama Papers case early Wednesday. The Pakistan Stock Exchange (PSX) is expected to react to the socio-political situation as the hearing proceeds.
Earlier on July 11, the PSX reacted negatively to Monday’s damning report against the prime minister and his family by the Panama case Joint Investigation Team to drop by over 2,153 points to reach 44,120 points on Tuesday.
Investors took a cumulative hit of Rs425 billion, informed sources, adding that share value of as many as 305 companies fell.
