Stocks continue to decline as investors concentrate on day trading amid mounting uncertainty. On Wednesday Pakistan Stock Exchange benchmark Kse-100 index lost 64.14 points by the session closing to clock at 42,282.28. Treading cautiously, investors struggled for a direction amid trigger drought in the market. During the early trading hours, the index surged for a brief period after Asian Development Bank (ADB) projected Pakistan’s economy to post broad economic recovery of about 2% during current fiscal year (2020-21) subject to subsiding Coronavirus disease and the resumption of structural reforms under the International Monetary Fund (IMF) programme. In its Asian Development Outlook (ADO) update, the Manila-based lending agency improved its economic growth rate forecast for the South Asian region to 7.1pc from 4.9pc in June but kept Pakistan’s growth forecast unchanged at 2%. Moreover, sentiments were also lifted after Large scale manufacturing (LSM) sector posted growth in July, first time in six months, as Covid-19 outbreak stirred latent potential of pharmaceutical and food industries despite shutdown setbacks to key industrial sectors, official data showed on Tuesday. Pakistan Bureau of Statistics (PBS) data showed LSM output increased 5.02 percent year-on-year in the first month of the current fiscal year of 2020/21 and rose 9.5 percent if compared to June.However, the kse-100 index reversed its early gains and entered negative territory as investors booked profit amid uncertainty. The market treaded cautiously over recent global terror-financing and money laundering watchdog Asia Pacific Group’s (APG) meeting, which has kick started on Tuesday. Moreover, investors also held back during the session amid upcoming monetary policy which is to be held on 21st September. The market, however, witnessed some early gains following State Bank of Pakistan (SBP) statistics which revealed that remittances to the country rose to $2.095 billion in August, depicting a year-on-year growth of 24.4pc when compared with August 2019. According to the SBP, workers’ remittances have now remained above $2 billion for the third month in a row. However, the index failed to sustain the momentum and lost to profit booking by the session’s closing.On the day, KSE-100 Index Index oscillated in both directions during the session, registering its intraday high at 42,544.87 after it gained 198.45 points, while touching an intraday low at 42,091.97 after losing 254.45 points. The index volumes receded 411.06 million shares recorded in the previous session to 300.27 million shares, while the overall market volumes also dipped from 662.8 million shares recorded in the previous session to 489.6 million shares.The volume chart was led by K-Electric Limited followed by Hascol Petroleum Limited and Dewan Cement Limited. The scrips exchanged 70.58 million, 37.39 million and 28.13 million shares, respectively. Sectors which weighed down the index were Commercial Banks with 68 points, Oil & Gas Marketing Companies with 28 points, Power Generation & Distribution with 27 points, Tobacco with 18 points, and Textile Composite with 13 points. Among the scrips, most points taken off the index was by Habib Bank Limited which stripped the index of 28 points followed by Pakistan Tobacco Company Limited with 18 points, Hub Power Company Limited with 16 points, United Bank Limited with 15 points and Pakistan State Oil with 13 points.However, sectors which resisted the pressure and propped up the index were Fertilizer with 54 points, Cement with 23 points, Investment Banks with 18 points, Technology & Communication with 8 points and Paper & Board with 3 points. Among the scrips, most points added to the index was by Engro Corporation Limited which contributed 41 points followed by Lucky Cement Limited with 20 points, Dawood Hercules Corporation Limited with 19 points, Fauji Fertilizer Company Limited with 15 points and System Limited with 11 points.Global markets: Global stocks witnessed a mixed trend on Wednesday, as investors treaded cautiously ahead U.S Federal Reserve’s policy meeting, the first since Chairman Jerome Powell launched a policy shift toward greater tolerance of inflation, effectively pledging to keep interest rates low for longer. Investors widely expect the central bank to maintain a downbeat stance on the economy.In Asia, stocks traded mixed with most of the markets closing at the flat line. In South Korea, Kospi index lost 0.31% to close at 2,435.93, while Chinese stocks also posted losses , with Shanghai composite closing0.36% lower to about 3,283.92.In Hong Kong, Hang Seng index was little changed, as of its final hour of trading. Bucking up the trend, Japan’s Nikkei 225 closed fractionally higher at 23,475.53. Japan’s financial market witnessed some gains, after the country edged towards political certainty as Yoshihide Suga was elected as Japan’s prime minister on Wednesday, becoming the country’s first new leader in nearly eight years.In Europe, markets retreated on Wednesday, over rising uncertainty over upcoming Brexit, since the European Union and UK has failed to strike a trade deal yet. Meanwhile, European Commission President Ursula von der Leyen gave her state of the union address Wednesday, warning that the chances of the bloc securing a trade deal with the U.K. were fading by the day, with Prime Minister Boris Johnson’s government planning to violate international law by reneging on parts of the Brexit Withdrawal Agreement.UK’s FTSE-100 led the losses among the major markets in the region, and declined 0.67%, while CAC-40 in France and Germany’s DAX index also posted losses on the day, which lost 0.32% and 0.07% respectively.In U.S, stocks continue to advance for the sixth consecutive session, as investors expect a positive outcome from U.S Fed’s meeting. In the early trading hours, Dow Jones Industrial Average was trading 100 points higher, while S&P 500 was also trading 0.3% lower. The tech heavy Nasdaq Composite was also trading 0.1% higher.