Stocks stay flat on economic uncertainty

Pakistani shares showed a mixed performance on Thursday as mid-session profit-taking by institutions on economic uncertainty trimmed early gains, but the benchmark index managed modest gains. Ahsan Mehanti of Arif Habib Corporation said investor concerns about weak data for fertiliser and oil sales in August, uncertainty over IMF terms to secure a $7bn Extended Fund Facility, and talk of mini-budget invited late session selling pressure. However, the finance minister’s affirmation of external financing assurances, speculations over the SBP policy rate decision next week, and 21pc contraction in the trade deficit for August helped the index close session in the green with a meagre gain. Topline Securities Ltd said the paltry rise was largely fuelled by cherry-picking in United Bank Ltd, Kohat Cement, MCB Bank, Habib Metropolitan Bank Ltd, and Fauji Fertiliser, contributing 254 points to the index.