PSX remains volatile amid political noise

Pakistan Stock Exchange (PSX) on Wednesday saw volatile trading as the benchmark KSE-100 index initially surged on strong buying interest but ultimately closed lower by more than 300 points due to profit-taking and political uncertainty. Additionally, the bourse felt pressure from above-average foreign corporate selling, which pushed the index into the red zone. After commencing proceedings on a positive note, the index climbed to the intra-day high of 96,711.33 points, rising significantly during the early morning trading. However, profit-taking set in around midday, driven by political noise, which pulled the index to the intra-day low of 95,311.97. Despite a brief rally that saw the index make some recovery, the market closed down by 310 points. "Stocks closed bearish on political uncertainty and security concerns in the country," said Arif Habib Corp MD Ahsan Mehanti.