Pakistan stocks slide on security concerns

Pakistan's stocks fell after a bomb blast on Monday in Karachi raised security concerns among investors.

Pakistan Telecommunication Co., the nation's biggest telecom-service provider, declined 1 per cent to Rs17.5, the most in a week. Lafarge Pakistan Cement Co sank 5.2 per cent to Rs2.18. MCB Bank Ltd., the largest lender by market value, dropped 0.9 per cent to Rs218.62.

The benchmark Karachi Stock Exchange 100 Index lost 11.57, or 0.1 per cent, to 9,410.66, after falling as much as 1.2 per cent. More than three stocks fell for every two that advanced. The measure is valued at 8.8 times estimated earnings for this year, the lowest in Asia.

The Karachi Stock Exchange benchmark gauge has gained 60 per cent this year, adding to the sevenfold advance in the past decade.