Stocks lose 1,490 points on panic-selling

Despite an ample flow of positive economic data, including a sixth straight cut in the interest rate, the Pakistani shares witnessed a broad-based bloodbath as nervous investors continued unloading their positions following the confirmation of the suspension of US aid to Pakistan, pushing the benchmark index further lower below 112,000 intraday on Tuesday. The index hit an intraday low of 111,435 points but settled at 112,030.36, down 1,489.96 points or 1.31pc day-on-day. Answering Dawn’s queries, Ali Najib, Head of Sales at Insight Securities, attributed the downturn to heightened political and economic uncertainty, overshadowing positive developments like the policy rate cut and robust macroeconomic data. “Investors are cautious, as political instability raises concerns about policy continuity and governance, while persistent fiscal challenges continue to dampen confidence,” he said.