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Shares at the Pakistan Stock Exchange (PSX) traded in the red on Friday, with stocks plunging by more than 1,000 points by day’s end as analysts attributed the losses to continued uncertainty on the political front.
The benchmark KSE-100 index plunged by 1147.09, to reach 59,872.96 from the previous close of 61,020.05 points. When trading ended, it had fallen further, cumulatively by 1,000.85 points (1.64 per cent), closing at 60,019.20 points.
Yesterday, the bears took over the trading floor after the PTI nominated candidates for prime minister and Punjab chief minister and started contacts with different parties for the formation of coalition governments.
Also, the PPP’s reluctance to join PML-N leader Shehbaz Sharif’s cabinet despite announcing support to elect him as prime minister drew strong reactions from the PML-N camp, deepening political uncertainty due to which the benchmark index came under selling pressure wiping out overnight gains.