Shares at the Pakistan Stock Exchange ended the day in the red on Wednesday with the benchmark KSE-100 index shedding 661.3 points, or 1.51 per cent, to close at 43,221.78 points.
The day began on a good note with shares rising 290 points in the first hour of trading to reach an intra-day high of 44,172.74 at 9:49am.
But by noon, the market began sliding gradually, and after the 3pm the decline became quite rapid. At 3:27pm, the benchmark index had shed 803 points before recovering slightly to close 661 points down.
Speaking to Dawn.com, Topline Securities CEO Mohammad Sohail said investors were worried over the controversy surrounding the appointment of the Inter-Services Intelligence chief.
“An uncertain political situation could further bring down the stock market,” he said.
Ahsan Mehanti from Arif Habib Corporation said stocks fell across the board on investor concerns for global equity sell off and rising inflation amid slump in rupee.
“Uncertainty over outcome of ongoing Pak/IMF talks under EFF [Extended Fund Facility] and economic uncertainty amid surging trade deficit, bond yields played a catalyst role in the bearish close,” he said.