Stocks falter as instability fears return

KARACHI: The rejection of the summary for convening a National Assem­bly session by Presi­dent Arif Alvi ended the overnight political optimism for the smooth formation of the PML-N-PPP coalition government in the Centre, as a result the benchmark KSE 100-share index closed the topsy-turvy session in the red on Tuesday. Ahsan Mehanti of Arif Habib Corporation said stocks remained under pressure amid growing uncertainty over the political outcome of the president’s refusal, which triggered profit-taking by a section of investors. He said lack of clarity about IMF conditions for a new bailout package, concerns over high inflation and hike in gas prices for industries also contributed to the market’s bearish close. Topline Securities Ltd said throughout the session, the index experienced a mixed pattern, hitting a high of 63,622 and a low of 63,055 levels.