Lahore, 13th October: Stock Market in Pakistan reverse gains after General Asim Saleem Bajwa’s resignation gets accepted by the Prime Minister.
Baaghi TV: Foreign media reported that Pakistan’s stocks reversed gains on Monday as Prime Minister Imran Khan’s Special Assistant on Information Lt Gen (r) Asim Saleem Bajwa resigned days ahead of protests planned by the opposition parties, raising concerns of increased political uncertainty.
The resignation by the SAPM comes amid increasing challenges to the PM’s almost two-year-old government as he struggles to contain inflation and revive the South Asian country’s economy.
Meanwhile, an alliance of 11 opposition parties is planning on holding its first protest rally this week, which is the start of a series of such meetings aimed at ousting Imran Khan.
As per reports from The News, the benchmark KSE-100 index closed down 1.4%, reversing earlier gains of as much as 0.6%. The stocks have advanced 48% since touching this year’s low on March 25.
“The investors are being cautious and booking profits after recent events including Bajwa’s resignation and the opposition’s planned protest add to the uncertainty,” said Qasim Shah, head of international sales at JS Global Capital Ltd. in Karachi.
The premier had turned down Bajwa’s earlier request to resign but yesterday he accepted Asim Saleem Bajwa’s resignation. However, General Bajwa still holds the position as the Chairman CPEC Authority.
Stay tuned to Baaghi TV to get all the latest news and updates!
Leave a reply
