Stocks resume slide amid political volatility

After a three-session recovery drive, the stock market on Wednesday faltered due to uncertainty about the chances of a desired outcome of the ongoing dialogue between the government and the PTI, triggering nervous selling. As a result, the market slipped again on a bearish trajectory. Topline Securities Ltd said the bourse witnessed a consolidation phase characterised by notable volatility. The index reached an intraday high of 969 points and a low of 505 points before closing at 114,945, a decline of 308 points or 0.27 per cent day-on-day. This reflects cautious investor sentiment amidst mixed market signals. Hub Power drew significant investor interest in the power sector following news of the federal cabinet’s approval of revised agreements with 14 Independent Power Producers (IPPs). Key gainers included Fauji Fertiliser, Hub Power, Bank Alfalah, GLAXO, and Abbott Laboratories, collectively contributing 339 points to the index. Conversely, losses in Engro Holdings, Mari Petroleum, Service Industries, United Bank, and Systems Ltd, collectively wiped out 514 points.