Pakistan stocks plunge 3.6 per cent on political uncertainty

Business News

Aug 20, 2008, 10:31 GMT

Karachi - Pakistani stocks sank on Wednesday as the fragile parliamentary coalition failed to reach consensus to restore deposed Supreme Court judges fired by former president Pervez Musharraf, traders said. The benchmark KSE-100 Index fell 3.6 per cent or 393 points to close at 10,525 as investors anticipated a new era of jockeying over the fate of judges and the appointment of a new president. 'We thought Musharraf's resignation will bring stability and calm but it looks like the turf battle between the coalition partners will set towards another path of instability,' said Aqeel Karim Dhedhi, the chairman of AKD Securities. Pakistani stocks have lost over 40 per cent of value since January while the rupee has lost around 18 per cent in the last four months.

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Pakistan stocks plunge 3.6 per cent on political uncertainty

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