Stocks extend losses on economic uncertainty

KARACHI: Amid falling foreign exchange reserves of the State Bank of Pakistan and uncertainty about the interest rate outlook, the stock market extended its losing streak for the third straight day on Thursday as some investors resorted to profit-taking as a result the benchmark KSE 100-share index saw another day of losses in a volatile session. Ahsan Mehanti of Arif Habib Corporation said the market sentiments remained depressed due to economic uncertainty due to the International Monetary Fund’s new conditions for liberalising imports, higher taxation and power tariff reforms. He said the oil sector outperformed on strong financials and Govt revised refineries policy supporting upgradation. Topline Securities Ltd said the index witnessed a volatile session marked by an intraday high of 217.53 points and an intraday low of 468.94 points. On the political front, Prime Minister Shehbaz Sharif has pledged to devote himself tirelessly to resolving the country’s crisis, with expectations that his cabinet members’ names would be finalised within the next 48 hours.