Finance Minister Hafeez Sheikh defeated, stock market crash
The stock market crashed due to the defeat of Finance Minister Hafeez Sheikh and political instability
Hafeez Sheikh and Yousuf Raza Gilani contested for the Islamabad seat in the Senate elections yesterday. Despite having a government majority, Finance Minister Hafeez Sheikh lost the seat which was not only a setback for the government but also had an impact on the country’s economic situation.
Just yesterday, it was predicted that the setback received by the government would have a very bad effect on the stock market and this happened as expected.
As the trading day started today, the stock market declined by 1073 points but with the passage of time, the stock market started recovering.
At the beginning of the trading day today, the stock market started the work with 46160 points and the stock market fell by 1073 points to 45087. As a result, billions of rupees of investors sank and the index fell below the level of 46,000.
Later, the stock market started recovering but continued to decline. At present, the stock market is trading at 45616.