KARACHI - Pakistan stocks on Monday closed at a record low after plunging by 427 points or 3.27 per cent on rising political uncertainties and gloomy economic picture, analysts said.
The benchmark KSE-100 Index closed at 12,584.78 points against Friday's close at 13,011 points.
Earlier during the mid-day trading the market shed 4.5 per cent, but recovered in the afternoon mainly due to investors' interest in oil and energy sector.
"The market recovered due to renewed buying in the oil sector after the news that international oil prices again reached 135 dollars a barrel," said dealer Ateeq Amed at Capital One Equities.
But Ahmed said the overall outlook is still bearish due to a weak economy and political uncertainties.
Pakistan's political tensions are mounting between the country's embattled President Pervez Musharraf and widower of slain former prime minister Benazir Bhutto, Asif Ali Zardari, who now leads her ruling Pakistan Peoples Party (PPP).
Some media reports suggested that PPP, with the assistance of its major coalition partner, the Pakistan Muslim League led by former premier Nawaz Sharif, is considering impeachment of Musharraf for violating constitution.
The largest English-language daily The News said Monday that Zardari might seek Musharraf's resignation in a meeting to be held soon between the two.
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