By: Haseeb Uddin
Karachi: The Karachi stock market suffered a decline of 666 points during the trading day after Dr. Tahir-ul-Qadri announced day of mourning. Pharma company however seems to be unaffected as almost all the company stock prices displayed a positive growth.
The announcement triggered the trend of short selling by the investor which lead to the decline. City analysts suggests that PTI’s Azaadi march along with the Dr. Tahir-Ul-Qadri’s speech are turning out to be a key variable for the decline of the market among other factors. While the foreign remittances remain stable, the market got effected from the current situation.
Despite the fall in the market, the Pharma and Biotech sector at the Karachi Stock exchange remained stable except Seale Pakistan and Wyeth.