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Pakistani stocks tumble amid political uncertainty, fears of violence

Pakistani stocks tumble amid political uncertainty, fears of violence

Pakistani stocks tumbled Monday as an uncertain political outlook after the assassination of opposition leader Benazir Bhutto triggered a selling spree.
The Karachi Stock Exchange's benchmark 100-share index plunged 694.92 points, or 4.7 percent, to 14,077.16 in its biggest single-day loss in points and percentage. It was the exchange's first day of trade following a three-day period of national mourning declared after Bhutto's death last Thursday.
Atif Malik, an analyst at J.S. Global Securities, said shares could recover in coming days if opposition parties reach an accord on holding parliamentary elections that had been set for Jan. 8. It is not yet known if the government will postpone the election.
Many international markets fell last week after Bhutto was killed at a campaign rally, adding to global uncertainty about the tense situation in Pakistan. The country also suffered several days of unrest that including rioting and looting in many cities.
Analysts have said Pakistan's economy was not expected to suffer long-term effects as the country is no stranger to turmoil and has seen the assassinations of many previous leaders. The country's economy was expected to grow about 7 percent for the fiscal year ending in mid-2008.
The KSE 100 stock benchmark finished the year 40 percent higher than at the end of 2006.


Updated : 2021-07-30 07:13 GMT+08:00