Stocks fall 240 points amid political uncertainty

Volatility continued to mar the trading of shares on the Pakistan Stock Exchange on Thursday owing to a lack of positive triggers and rising political temperature, said JS Global. Another reason for the benchmark index to stay range-bound was the ever-widening gap of value between the rupee and the dollar, according to Arif Habib Ltd. The rupee closed at 235.88 per dollar after losing 0.66 per cent from a day ago. Trading began in the positive zone and continued its momentum throughout the day. But gains were wiped out during the last trading hour as investors resorted to profit-taking. Volumes remained healthy in the main-board stocks, it added. “Going forward, we recommend investors should adopt a buy-on-dips strategy in banking, exploration and production and textile sectors,” said JS Global. As a result, the KSE-100 index settled at 41,772.09 points, down 239.73 points or 0.57pc from a day ago.