KARACHI: The indiscernible effects of institutional profit-taking, political uncertainty and flood devastation kept the KSE-100 index in red zone and the stocks shed 35 points or 0.12 percent to reach 30101 points in the midday trading on Thursday.
Earlier, the market opened at overnight closing of 30136 points and kept on fluctuating amid investors’ concerns for political uncertainty and economic losses on account of devastating floods, especially in Punjab.
The investors appeared cautious and preferred to wait for the market to set direction.
Meanwhile, development taking place across the political spectrum, adding to the uncertainty as Prime Minister Nawaz Sharif, weakened by weeks of demonstrations calling for him to resign, threatened to clear the protest camp established more than a month ago outside Parliament House in Islamabad.
Protesters led by Imran Khan and PAT Chief Tahirul Qadri have been locked in a bitter stand-off with the government since mid-August, refusing to leave their camp until Sharifs step down.
The protest leaders accuse Prime Minister Nawaz Sharif of rigging in last year’s general elections which brought him back to power in a landslide.
On the other hand, Pakistan Tehreek-i-Insaf (PTI) is not backing off. In a meeting of its core committee, the party decided to hold weekly protests in all major cities of the country.
The committee also decided unanimously that PTI Chairman Imran Khan should go to Karachi and address party workers there on Sept 21.
“After having sustained our sit-in in Islamabad for more than a month, the party leadership believes now the time has come to spread this movement all over the country,” a participant of the meeting. The committee met at the party chief’s Bani Gala residence.
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