Pakistan stocks plunges 15,000 points amid political uncertainty

May 2nd, 2008 - 9:17 pm ICT by admin  

A file-photo of Pervez Musharraf
Karachi, May 2 (DPA) Pakistani stocks tumbled Friday under political instability amid tensions over survival of the governing coalition on the issue of reinstatement of judges ousted by military dictator turned civilian president Pervez Musharraf. The key KSE-100 index shed 165 points to close at 14,956.82, its lowest level in the last six weeks against 15,122 points Wednesday.

The markets were closed Thursday due to International Labour Day holiday.

“Political uncertainty is the only factor pushing the market down,” said Ateeq Ahmed, senior research analyst at Capital One Equities.

Ahmed said there were fears that the coalition between Pakistan’s two major political parties might collapse on the issue of restoring deposed judges, who were summarily dismissed by Musharraf on Nov 3 under controversial circumstances.

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