Prime minister Election: Karachi stocks fall ahead

KARACHI: Country’s apex bourse 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 percent, 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 a dealer. The Supreme Court on Tuesday declared Prime Minister Yusuf 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.