KARACHI: The stock market continued its downward trend for the third consecutive week on persistent institutional selling driven by renewed concerns over significant shortfalls in tax revenues against the collection projection and an inordinate delay in debt rollovers.

These issues are particularly worrisome ahead of the International Monetary Fund’s review later this month, leaving investors anxious without any positive developments.

However, the government hopes for a successful IMF review, which would lead to releasing a second tranche under the 37-month $7bn Ext­ended Fund Facility, which is crucial to meeting the country’s external debt repayment obligations.

According to Arif Habib Ltd (AHL), the market remained negative throughout the week, driven by profit-taking, selling pressures, and some concerns related to the upcoming IMF review.

On the economic front, the headline inflation for January dropped to a 101-month low of 2.4pc year-on-year. The trade deficit widened by 18pc to $2.3bn in January. The petroleum sales remained stable at 1.38m tonnes in January, with 8pc month-on-month........

© Dawn Business