KARACHI: Pakistan equities continued to correct with the benchmark KSE 100 Index finishing below 42,500 level on the first day of the new week, down 1.4% or 586 points to close at 42,347 mark. Trading activity diminished as investors opted to stay on the sidelines ahead of scheduled protests by a united opposition led by religious party cleric Tahir ul Qadri. Stock fell sharply lower on concerns economic uncertainty and ongoing political noise. Political protests due this week, dismal trade deficit data for Jul-Dec’17 and investor concerns over weak Pak-US relations played a catalyst role in bearish close at PSX, said Ahsan Mehanti, senior analyst. Financials were under pressure since the opening bell as profit-taking by institutional investors continued in index heavy United Bank UBL PA -2.3% and Habib Bank HBL PA -2.2%. Despite WTI crude oil trading well above US$64/bbl, little support was seen from E&Ps besides OGDC. Participation receded significantly where volumes were down 44% d/d to 130mn shares, similarly traded value was down by 45% to Rs5.8 billion. Excluding Jan 01, this is lowest activity since December 20, 2017, confirming end of Santa rally. However, Lucky Cements LUCK PA +0.2% and Engro Corp ENGRO PA +0.7% remained in green most of the day with reported foreign buying doing the rounds. While majority of the stocks closed in negative territory, the national carrier and retails’ favourite stock, Pakistan International Airlines PIAA +23%, closed at its upper circuit after State Minister hinted at its privatization before present government complete its tenure. Top 10 Index point decliners were HBL (?2.2%), UBL (?2.7%), FFC (?2.7%), POL (?3.5%), PPL (?1.3%), PSO (?3.5%), MCB (?1.7%), ISL (?4.5%), TRG (?5%) & INIL (?5%); withholding 334pts, while ENGRO (+0.3%), OGDC (+0.1%), DAWH (+0.9%), ABL (?0.6%) and BAHL (+0.1%) added 37 points. On the sector front; index heavy Banks shed 150 points, followed by E&Ps which eroded 74 points, Fertilizer was down 51 points, OMCs 45 points, Engineering 43 points, Power 29 points, Tech 24 points and Cement 21 points, whereas no major sectors were positive. Published in Daily Times, January 16th 2018.