Stocks slide amid economic worries

Pakistan Stock Exchange (PSX) slightly dipped by nearly 80 points in a range-bound session on Wednesday in the backdrop of economic and political uncertainty in the country, which made investors jittery. Taking cue from Tuesday's gains, the KSE-100 index began the day on a robust note and climbed to the intra-day high of 77,800.04 points in early hours. However, the optimism proved short-lived as bearish sentiment prevailed, driven by concerns over the depreciating rupee and delay in the privatisation of state-owned enterprises (SOEs). Additionally, worries over the unsettled $15 billion debt of the Chinese independent power producers (IPPs) and the shrinking banking spread contributed to the downward trajectory.