Stocks slide over political concerns

Karachi : Pakistan's benchmark stock index fell for the third day on concerns that political uncertainty may hurt growth in the South Asian nation's economy.

Pakistan Telecommunication Co, the nation's biggest phone-service provider, fell 0.9 per cent to Rs17.09. Lucky Cement Ltd, the biggest producer of the building material, declined 1.6 per cent to Rs63. Habib Bank Ltd, the second- biggest lender by assets, slid 1.3 per cent to Rs120.37.

0.3% retreat

The benchmark Karachi Stock Exchange 100 Index retreated 26.48, or 0.3 per cent, to 9,227.18.

"The market fell after news that the National Accountability Bureau would revive cases," said Khalid Iqbal, head of research at Invest Finance Securities in Karachi. "If political disturbance continues, the market will be hurt."