KARACHI: Stocks remained volatile as investors preferred to stay put as Karachi Stock Exchange’s benchmark KSE-100 index went down 21.2 points from overnight tally of 30094 points to reach 30073 points in the midday trading on Friday.
Though the market opened with a positive note and added 48 points or 0.16 percent, the tone remained sluggish amid flurry of political developments across the political horizon. Experts see the market to remain sluggish as Friday is the last working day in the market. They do not expect any bull run to lift the confidence of the investors.
The market remained fluctuating, depicting the prevailing uncertainty across different spheres.
The Karachi Stock Exchange benchmark KSE-100 index fell 0.14% or 42.41 points to end at 30,094.16 points on Thursday.
On the other, the opposition political jirga tested the government’s flexibility by proposing that Prime Minister Nawaz Sharif should announce in advance that he would quit if a judicial commission proves ‘systematic rigging’ in the May 2013 elections.
“The prime minister may state that he will resign from office if systematic rigging is proved and if it is established that he became the prime minister as a result of such rigging following an inquiry by the proposed judicial commission,” read a four-page letter that the jirga sent to Prime Minister Nawaz Sharif, PTI Chief Imran Khan and the PAT Chief Dr Tahirul Qadri.
The jirga is currently mediating talks between the government and Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) to end the weeks-long stalemate that has affected the country’s economy adversely.
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