Stocks extend losses as uncertainty persists

Despite a series of interest rate cuts, a sharp contraction in the large-scale manufacturing (LSM) sector further jolted investor confidence in the economic outlook. As a result, equity prices continued receiving massive battering, pushing the benchmark KSE 100 index to drop below 114,000 on Thursday. Topline Securities Ltd said the index settled at 113,837, reflecting a dec­rease of 659 points or 0.58 per cent, primarily driven by a lack of positive triggers and uncertainty surrounding the new US government strategy and its impact. Major contributors to the negative movement included Fauji Fertiliser, Pakistan Petroleum, PSO, Mari Petroleum, and Millat Tractors, which together accounted for a loss of 392 points. Ahsan Mehanti of Arif Habib Corporation said stocks closed lower amid a weak economic outlook and concerns for dismal LSM performance, posting a 3.98pc negative growth in November and 1.3pc in 5MFY25.