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Wednesday June 19, 2024

Stocks tumble, gold soars as political uncertainty grows

Pakistan Stock Exchange witnessed a bloodbath, dragging the benchmark 100-shares index 3 percent down

By Our Correspondent
December 21, 2022
Stocks tumble, gold soars as political uncertainty grows. AFP
Stocks tumble, gold soars as political uncertainty grows. AFP 

KARACHI: Stocks tumbled on Tuesday and gold scaled another all time high as fears grew that a political contest in Punjab to determine the fate of provincial assembly will spoil any improvement in the already fragile economy, traders said.

Pakistan Stock Exchange witnessed a bloodbath, dragging the benchmark 100-shares index 3 percent down. 

Gold prices reached new all-time highs of Rs178,800 per tola as political risks boosted safe-haven appeal.