Stocks fall like house of cards on ‘long march’ call
Bears pulled down the benchmark index of the Pakistan Stock Exchange on Wednesday owing to rising political confrontation. The bloodbath on the trading floor took place as former prime minister Imran Khan unveiled his plan for holding his long march to Islamabad by the weekend, said Arif Habib Ltd. The announcement shook investors’ confidence and pulled down the index to an intraday low of 699.9 points as soon as trading began. Volumes recorded in main-board stocks were decent as third-tier stocks continued to stay in the limelight. JS Global said the uncertain political situation exerted selling pressure across the board. It expects the stock market to continue its downward trend going forward. “Investors should avail this downside as an opportunity to accumulate positions in blue-chip stocks,” it added.