PSX extends losses on political uncertainty

Dawn reported that the benchmark KSE-100 gave up 254.59 points, or 0.14 per cent, to finish Thursday at 176,591.77, extending its slide to a third straight session. A late wave of selling, driven by political unease and tensions in the Middle East, erased an early climb of more than 1,400 points. The index had reached 178,291.37 during the session before sliding to an intraday low of 176,156.57.

Five stocks including United Bank and Hub Power were the major drags, removing about 458 points. Oil and Gas Development Company, Engro Holdings and Sazgar Engineering Works offset part of the fall, collectively adding about 321 points. Trading activity also cooled, with volume down 15.57pc to 665 million shares and traded value falling 22.17pc to Rs30.8 billion.

Separately, Nishat Mills has resolved to withdraw from Nishat Sutas Dairy Ltd, an associate formed as a joint venture alongside a Turkish firm. The company pointed to dairy-sector market and regulatory conditions, along with the financial pressure those had placed on the venture.