Islamabad: on Thursday, the Pakistan Stock Market has suffered another big blow after Asad Umar stepped down as finance minister.
According to media reports, the KSE 100-index dropped by 320 points today following the news.
The 100-index has plunged below 136,450 points.
However, he refused to take any cabinet position.
However, the government and Asad Umar himself had previously denied such reports until today when he finally revealed that he has stepped down from the ministry.
It was reported on April 15th that in Cabinet’s reshuffle, the prime minister of Pakistan, Imran Khan decided to hand over petroleum portfolio to Asad Umar, however later the government’s spokesman, Fawwad Chaudhry dismissed the reports.
”There is no truth in reports regarding changes in posts of federal ministers. The prime minister has the power to change ministers and the media should play a responsible role on this subject,” Chaudhry tweeted.
“Pakistan is going through an important phase and such speculations create confusion which is not beneficial for the country,” he added