Bears take hold of PSX as shares plunge 1,200 points on political noise

The Pakistan Stock Exchange (PSX) witnessed accelerated selling pressure on Friday as the benchmark index shed more than 1,200 points in intraday trade on what most analysts agreed was political noise.

According to the PSX website, the KSE-100 index declined by 1206.1 points, or 1.47 per cent, to sink to 80,633.76 from the previous close of 81,839.86.

“Recent political noise seems to have led to some profit-taking as the PSX has rallied more than 28 per cent during the year,” Amreen Soorani...