Stocks drift lower on mounting political unrest
Volatility persisted on the stock market on Wednesday amid growing political uncertainty as PTI challenged the controversial election law in the apex court a day after it was bulldozed through the parliament. Ahsan Mehanti of Arif Habib Corporation said stocks closed lower on economic uncertainty. “Falling rupee, delays on privatisation of state-owned enterprises, concerns for $15bn unsettled dues of Chinese IPPs, and falling banking spreads contributed to the bearish close,” he added. Topline Securities Ltd said equities moved in both directions as bullish and bearish forces confronted throughout the session to take the helm at PSX. Investors switched between selective stocks in the power, energy, fertiliser, auto, tech, and cement sectors. Consequently, Bank Al-Habib, Engro Fertiliser, Fauji Fertiliser, and United Bank collectively lost 263 points. Conversely, Pakistan Petroleum, Habib Bank, and Engro Corporation added 121 points as they witnessed rejuvenated buying interest in them.