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Stocks down on mutual funds’ redemption drive Business January 21, 2021 Stocks on Wednesday succumbed to selloff by mutual funds in overbought shares, whereas concerns over likely monetary tightening also kept the range-bound market in adjustment mode, dealers said. Pakistan Stock Exchange s (PSX) benchmark KSE-100 shares index lost 0.49 percent or 226.29 points to close at 45,676.94 points. Volumes decreased to 476.618 million shares, from 491.787 million on Tuesday. KSE-30 shares index also dipped 0.66 percent or 127.11 points to end at 19,025.55 points level. Topline Securities in a note said after sideways opening market made an intraday low of 357 points, the cause of which according to market chatter was redemption from funds. Energy sector closed 1.5 percent lower despite higher international oil prices; meanwhile HUBC and ENGRO cumulatively dented the index by 54 points, the brokerage added. ....