The Karachi Stock Exchange.—Reuters Photo

ISLAMABAD: Pakistan’s main stock market closed lower on Thursday amid fresh political uncertainty ahead of a vote to elect a new prime minister due on Friday.

The Karachi Stock Exchange benchmark 100-share index ended down 0.49 per cent, or 66.58 points, at 13,600.60 points on volume of 44.86 million shares.

“Investors remained on the sidelines as uncertainty prevailed on the political front. Subdued sentiment in the regional stocks market and international commodity markets also dampened sentiment in the market,” said Mohammad Rizwan, a dealer at Topline Securities.

The Supreme Court on Tuesday declared Prime Minister Yousuf Raza Gilani ineligible for office for refusing to re-open corruption cases against President Asif Ali Zardari, triggering a new crisis in the nuclear-armed country.

In the currency market, the rupee weakened to close at 94.36/41 to the dollar, compared to 94.21/26 on Wednesday.  Overnight rates in the money market closed unchanged at 11.90 per cent.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

A state of chaos

A state of chaos

The establishment’s increasingly intrusive role has further diminished the credibility of the political dispensation.

Editorial

Bulldozed bill
Updated 22 May, 2024

Bulldozed bill

Where once the party was championing the people and their voices, it is now devising new means to silence them.
Out of the abyss
22 May, 2024

Out of the abyss

ENFORCED disappearances remain a persistent blight on fundamental human rights in the country. Recent exchanges...
Holding Israel accountable
22 May, 2024

Holding Israel accountable

ALTHOUGH the International Criminal Court’s prosecutor wants arrest warrants to be issued for Israel’s prime...
Iranian tragedy
Updated 21 May, 2024

Iranian tragedy

Due to Iran’s regional and geopolitical influence, the world will be watching the power transition carefully.
Circular debt woes
21 May, 2024

Circular debt woes

THE alleged corruption and ineptitude of the country’s power bureaucracy is proving very costly. New official data...
Reproductive health
21 May, 2024

Reproductive health

IT is naïve to imagine that reproductive healthcare counts in Pakistan, where women from low-income groups and ...