The continuing ravages of flood waters has wrought carnage on the ground as well as on stock markets in Pakistan. Pakistani stocks fell more than 2.6 percent in early trade on Monday as dealers said investors were cautious following the devastation caused by the worst floods in Pakistan in 80 years. The Karachi Stock Exchange (KSE) benchmark 100-share index was trading 2.62 percent,or 270.13 points,lower at 10,045.07 on turnover of 35.2 million shares. Investors are now understanding the amount of devastation caused by the floods and are worried about its impact on the economy,said Sajid Bhanji a dealer at brokers Arif Habib Ltd. Landslides triggered by the worst floods in 80 years are hampering already troubled relief efforts,with aid workers using donkeys or travelling on foot to reach millions in desperate need of help. The catastrophe,which has put unpopular President Asif Ali Zardari on the defensive and improved the standing of the military which is spearheading relief efforts,has killed more than 1,600 people and left two million homeless.
