Stocks’ retreat continues for third session
The uncertain economic outlook amid mounting political tensions kept the equity investors nervous. As a result, the benchmark KSE 100 index suffered losses for the third straight session on Monday. The harsh International Monetary Fund conditions attached to the $7 billion bailout and a war-like situation in the Middle East also took their toll as foreign investors continued offloading their holdings. Ahsan Mehanti of Arif Habib Corporation said the equity market remained depressed on rising political uncertainty and massive dollar outflows in the first two months of the current fiscal year. He added that the government action on independent power producers tariff, concerns over the outcome of tax collection shortfall, and delays over privatisation of state-owned enterprises were other factors that contributed to the bearish close at the PSX.