KARACHI: The KSE 100-share Index – a benchmark for market performance – plummeted more than 600 points in intra-day trading on Thursday, after continuously falling since the beginning of trading in the morning.
At 15:28, the KSE-100 stood lower by 620.07 points or 1.20% at 50,891.34 points.
Market analysts speculated that the decline may have been caused by market correction, however, ICJ ruling in Kulbushan Jadhav case may also have contributed to the decline as the index went further down after the court started giving its judgment in the afternoon.
In an indication of market correction, investors had been resorting to profit-taking for the past two days following an extended euphoria ahead of Pakistan’s upgrade from the MSCI frontier market to the emerging market status.
Early Wednesday, the MSCI shifted Pakistan’s bourse to its emerging market index, which was expected to attract investment of around $500 million from foreign investors.