Stocks fall like ninepins on instability

The Pakistan Stock Exchange (PSX) witnessed a meltdown on Monday as post-election political instability triggered an across-the-board panic selling, which dragged the benchmark KSE 100-share index below 61,000 hitting an intraday low at 60,647.68. Arif Habib Ltd Head of Research Tahir Abbas told Dawn that the political landscape ambiguity along with lack of clarity on the circular debt resolution plan dented the market sentiments. “The market needs clarity on government formation and key portfolios of finance, energy and industries ministries along with the economic roadmap of the new government,” he added. Topline Securities Ltd said extending last week’s momentum, the equities commenced the trading on a negative note and remained bearish throughout the session.