Stocks slide ahead of IMF aid meeting

Karachi: Pakistan's benchmark stock index fell, led by banks, ahead of a meeting of the International Monetary Fund for disbursing the fourth installment of a $11.2 billion (Dh41.1 billion) aid to the war-torn South Asian nation.

Habib Bank Ltd., Pakistan's second-biggest lender by assets, slid 1.1 per cent to Rs122.35. MCB Bank Ltd, the largest lender by market value, declined 1.6 per cent to Rs218.81. Oil & Gas Development Co, the nation's biggest exploration company, lost 0.9 per cent to Rs108.03.

The benchmark Karachi Stock Exchange 100 Index retreated 29.55, or 0.3 per cent, to 9,302.92, paring its gains this year to 59 per cent.

"People are adopting a wait-and-watch approach," said Umair Siddique, a senior research analyst with IGI Securities Ltd in Karachi.