KARACHI - Stock market test another new low, shares closing at its lowest in over three months at 47,356 level declining by 221 points or (0.46%) amid thin activity on concerns for economic uncertainty after IMF warns of fiscal, energy challenges.

UBL, ENGRO and NBP contributed 98 points to the fall in index, brokers said. The shares index lost around 870 points in three consecutive sessions. Despite pressure in the market, E&P sector managed to close positive as crude oil prices surged to trade comfortably above $51/bbl level. OGDC (gain 0.30pc) and PPL (0.44pc) in the aforementioned sector gained to close slightly in the green zone. SSGC gained to close on its upper circuit as the gas utility, through material information notice, disseminated in the market that its Board of Directors has conceptually approved a capital intensive project of worth Rs65 billion for the development of additional 1.2 BCFD capacity pipeline for the transportation of additional 1.2 BCFD RLNG supply from CTS Bin Qasim to CTS Sawan. The BoD of the company further approved tenders for establishment of thirty LPG Air Mix plants, as previously approved by the ECC in the province of Baluchistan and Sindh with a capital expenditure of around Rs14 billion.

AICL extended its previous day loss on the back of its 2016 result announcement yesterday, as it lost value to close on its lower circuit for the second consecutive day, commented analyst Nabeel Haroon. Analyst Ahsan Mehanti said oil stocks supported the index on higher US crude prices, record POL sales in March 2017. Cement stocks outperformed on record cement dispatches in March 2017. Concerns over dismal data on CPI Inflation for March 2017 and outcome for regulatory actions on non-compliant brokerage firms played a catalyst role in bearish close.

Volumes in the market further skimmed to around 146 million shares versus 185 million shares traded previously, while value decreased by 6.8 percent at Rs8.2 billion/$78 million.