Stocks continue downward journey

Pakistani shares extended losses to the third straight day on Thursday amid falling trading volume, thanks to mounting political noise and uncertainty about the economic outlook. Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure on institutional profit-taking in blue-chis banking and oil scrips. He said falling banking spreads amid easing monetary policy, surging unresolved power sector circular debt, and uncertainty over the rollover of $15 billion dues of Chinese independent power producers contributed to the bearish close.