A shock away from economic chaos

By Faizan Malik

A shock away from economic chaos

The Chairman of the Securities and Exchange Commission of Pakistan, Zafar Hijazi, was in Karachi on Thursday to shoo away the bears from the country's stock market. 

Mr. Hijazi, who is facing charges for tampering with and shutting down an ongoing investigation into an allegation of money laundering against companies owned by the ruling Sharif family, sought to reassure investors that ''political events are passing matters and that they should (instead) focus on market fundamentals''.

The benchmark KSE-100 Index has lost a little less than a fifth in the last couple of months over concerns of political instability in the wake of the judicial probe into offshore assets of Prime Minister Nawaz Sharif and his children as 'revealed ' by the Panama Papers leak. More recently, the market experienced a bloodbath in the days following the release last Monday of a damning report against the ruling family before calming down at the weekend.

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