KARACHI -  Stocks continued its previous day momentum on weakened as the index lost around 374 points or (0.78pc) and to close at 47,577 level.

Limited participation was witnessed in the market as sceptical investors preferred to remain on sidelines on the last trading day of the week owing to ongoing political uncertainty, brokers said. Banking sector led the decline in the market as the sector lost value to close (0.7pc) lower. UBL (slip 1.47pc) and MCB (0.51pc) were major index movers from the aforementioned sector. SSGC was today's volume leader with 11.7 million shares, extended its previous day gain to close (2.75pc) higher than its previous close. Apart from the banking sector, major contribution to the decline in index came from OGDC (slip 2.42pc), HUBC (1.37pc) and FFC (1.79pc), stated analyst at JS Global.

Analyst Ahsan Mehanti said stocks closed bearish amid concerns after global equities sell off on geo political uncertainty. Concerns for outcome of regulatory actions on Panamagate case and uncertainty over Pakistan-India relations played a catalyst role in bearish close. Overall, volumes declined to 125.7 million shares compared to 233 million shares changed hand yesterday, while the traded value plunged to Rs7.13 billion from Rs12 billion. Volumes were led by Sui Southern Gas with 11.7 million shares traded, Aisha Steel Mill with 7.8 million shares traded and K-Electric with 6 million shares traded, respectively.