KARACHI: Stocks continued to slide for the third day on Wednesday with the KSE-100 index recording a loss of 375.17 points (0.87 per cent) to close at 42,919.78.

Investors’ minds continued to be aggravated further as political temperatures on the local front started to rise. Pakistan Foreign Minister’s disclosure that no consensus has been reached by Financial Action Task Force to include Pakistan on their watch list was taken with mixed outlook as investors remained uncertain about the future.

Figures released by the National Clearing Company of Pakistan raised concerns as foreign investors’ selling amounted to $8.46 million. Mutual Funds also scurried to take profit and protect their capital-protected funds. The day started on a positive note with the index making an intraday high by 326 points.

Topline Securities stated that the investor sentiments were further dampened by selling seen in banks and concern on any unfavourable decision for United Bank against non-compliance of anti-money laundering laws of US.

The market witnessed trading volume of 188.06m, up 10.81pc over the previous session. The traded value also rose 13.33pc to Rs8.5 billion

The top 10 decliners included United Bank, down 4pc, Habib Bank 1.8pc, Engro Corporation 2.7pc, Oil and Gas Development Company 1.9pc, MCB Bank 1.8pc, Lucky Cement 1.5pc, Pakistan State Oil 2.2pc, Maple Leaf Cement 4.5pc, Pakistan Petroleum 0.8pc and Hub Power 1pc, cumulatively withholding 353 points.

Sector-wise, commercial banks scrapped 182 points, oil and gas exploration and production 59 points and cement 49 points from the index.

Published in Dawn, February 22nd, 2018