KARACHI: Pakistan equities extended losses on Thursday with benchmark KSE100 Index shedding another 0.8% on across-the-board profit-taking. The benchmark index shed 358.78 points to close at 45059.93 level. Market opened gap up in the morning and KSE100 Index edged up by as much as 1.3% within the first fifteen minutes of trading as participants cheered overnight news that Prime Minister Nawaz Sharif and his family had acquired and submitted convincing proof to Supreme Court to support their claims of no illegal actions in financial dealings. Index however couldn’t sustain gains and declined to not only fill the gap but extended losses further on profit-taking and general lack of buying interest especially by local institutional investors, analysts at Elixir Securities said. Dawood Herculues after announcing the appointment of Financial Advisor for its stake-sale in Hub Power, witnessed hammering as jittery investors likely wary of uncertainty surrounding the deal timing and new buyer resorted to profit-taking. Engro Corp also added to recent losses after investors were left disappointed as no corporate action was announced by its board, the analysts added. The 100 index was dragged down by the likes of DAWH (-4.8%), ENGRO (-1.8%), HUBC (-1.5%), UBL (-1.2%) and BAHL (-1.8%), which held back 139 points; while OGDC (+1.6%), POL (+1.2%), MCB (+0.6%), BAFL (+1.9%) and PMPK (+4.4%) contributed 66 points to the green. On the sector front, Fertilizer shed 97 points, Banks 56 points, Cements 55 points, Power 24 points and OMC 23 points, while E&P’s added 25 points. Market participation slipped; volumes shed 11% to 148.1 million shares, while traded value shed 3% to Rs 8.6bn/ $82 million. Shares of 360 companies changed hands at the bourse out of which 99 advanced, 243 declined and 18 remained unchanged. Analysts expect volatile trading and selective participation in the near-term as anxiety over domestic politics will remain a dampener until clarity emerges. Published in Daily Times, July 21st, 2017.