Karachi: Downward journey of Pakistan equities continues as benchmark KSE 100 further slipped by 1 percent or 431 points amid slow trading activity on start of holy month of Ramadhan. Market opened sideways and drifted lower as the session progressed with mainboard names witnessing very selective participation. However, the last hour saw a bloodbath and notable sectors such as Steels -3.6%, Cements -2.7 percent and Oil Refinery and Marketing -2.4% underwent a meltdown on reported institutional selling while any support at lows from serious buyers remain absent. The market has now lost 8 percent in Month to date due to budget and increased political noise on former PM’s claim to reveal ‘certain secrets’ at an appropriate time heightened uncertainty. Furthermore, depleting foreign exchange reserves and lack of clarity on foreign inflow continue to worry investors. Alongside political & economic concerns, thin trading activity on the start of Holy month of Ramadan kept market under pressure. Traded volumes and value shrunk by 27 percent and 9 percent, respectively. Commercial banks & Cement remained majors decliners as they cumulatively deducted 423 point from the index. Auto sector continued its downward trajectory as investors are estimating lower sales of the companies going forward primarily due to restriction imposed on non filers in Finance Act 2018, that kept Auto stocks under pressure. Pak ElektronXD was volume leader with 6.99 million shares traded followed by K-Electric 4.8 million, Dewan Cement 3.9 million, TRG Pak 2 million, Lotte Chemical 2 million, Sui South Gas 1.7 million, Unity Foods 1.6 million, Faysal Bank 1.4 million, Dewan Motors 1.3 million and Fauji CementXD 1.3 million. Analysts expect equities remaining out of favor in the near-term with Chartists now eyeing 41,300/200 as important support levels. Published in Daily Times, May 18th 2018.