Stocks dip 1,356 points amid political noise

The Pakistan Stock Exchange (PSX) witnessed a sharp reversal on Thursday as early gains were wiped out by intensive selling, triggered by renewed political uncertainty. The benchmark KSE-100 index, which had climbed to the intra-day high of 151,250 points, tumbled later, hitting the low of 148,273. It closed the day at 149,235, down 1,356 points, or 0.90%. The sell-off emerged after the Supreme Court accepted bail pleas of former prime minister Imran Khan in May 9 cases, which sparked uncertainty about the political outlook. Major pressure came from index-heavy sectors such as commercial banks, cement and fertiliser, which endured broad-based selling. AKD Securities Director Research Mohammed Awais Ashraf told The Express Tribune that investor sentiment turned cautious amid political uncertainty following the Supreme Court's acceptance of Imran Khan's bail pleas in May 9 cases.