Shares at PSX lose over 300 points on political uncertainty

Bears returned to the trading floor of the Pakistan Stock Exchange (PSX) on Monday as the benchmark index lost over 300 points on political uncertainty. According to the PSX website, the KSE-100 index had gained 402.07 points at 11am to stand at 65,039.70 points, up 0.62 per cent, from the previous close of 64,637.63. However, the benchmark index rapidly shed its gains by noon. It finally closed at 64,269.37 points, down 368.26 points or 0.57pc. Shahbaz Ashraf, chief investment officer at FRIM Ventures, told Dawn.com that the momentary rally was led by “energy sector stocks on the back of news of a reduction in circular debt by about one-third in the next few weeks”.