Stocks slip over weak political, economic outlook

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Islamabad: Stocks ended the week on a declining note on Friday, as both political and economic uncertainty affected investor sentiment, traders said. The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower by 364.14 points or 0.87 percent to 41,329.95 points against 41,694.09 points recorded in the last session. The highest index of the day remained at 41,808.88 points while the lowest level of the day was recorded at 41,270.82 points. Brokerage Arif Habib Ltd said to cap off the business week, the PSX recorded a negative session. “The market opened in the negative zone but continued to trade both ways during the opening session, as anticipated SLA (staff level agreement) between the government and the IMF is prolonged,” it reported. “The second session commenced, and investors chose to book profits as the index fell to an intraday low of 423.28 points due to the current political uncertainty and the impending uncertain weekend on both the political and economic fronts.” Investors’ participation remained sluggish although dull volumes were witnessed across the board. Web Desk