KARACHI: The downward trend in the stock market continues as the benchmark KSE-100 index closed at 42,876.37 points after losing 1.2 per cent or 519.41 points.
The loss is subjected to the increasing inflation and predicted tightening of the monetary policies. Arif Habib Ltd said that, throughout the day, cyclical stocks faced a lot of pressure, causing dullness in the stock market.
A report by Bloomberg predicts that the KSE-100 index might touch the lowest level since March 11. Share value dropped to $29.6m (21.7pc), while the total decrease in the market participation fell to 150.3 million shares (16.1pc).
Cement, personal care and food, commercial banking, gas and oil exploration, communication and technology were the sectors that gained the maximum points in the benchmark index.