Pakistan’s stocks reversed gains on Monday as Prime Minister (PM) Imran Khan’s Special Assistant on Information (SAPM) Lt Gen (r) Asim Saleem Bajwa resigned ahead of protests planned by opposition parties, raising concerns of increased political uncertainty, foreign media reported.
“Imran Khan approved my request to relinquish the additional post,” Asim Bajwa tweeted Monday.
The resignation of Imran’s key spokesperson comes amid increasing challenges to his about two-year-old government as he struggles to contain inflation and revive the 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.
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.
