The stock market on Thursday lost its upward momentum in the wake of uncertainty linked to the release of the detailed verdict in the high treason case against former military ruler retired Gen Pervez Musharraf, with the KSE-100 index closing 948 points in the red at 40,655.

The benchmark index witnessed fluctuation throughout the day, losing 1,100 points during intraday trading before making a slight recovery.

The market opened on a positive note, with the bulls carrying the index to an intraday high of 41,796. The negative trajectory began after the detailed judgement in the high treason case against Musharraf was issued by a special court, while news of a possible rise in India-Pakistan escalations also forced investors to offload their positions.

Analyst Salman Naqvi while speaking to DawnNewsTV said the stock market had received the Musharraf verdict "quite negatively" and it was feared that the matter would go on to create further instability in the country.

He said due to the apparent setting up of a conflict between the government and the judiciary, investors preferred to sell off shares.

Naqvi saw slim chances of recovery in the market in the coming days and of the index crossing the 42,000-point barrier before the end of the year, as was expected.

The shares of companies across the board witnessed a downward trend during Thursday's trading while the market was most volatile in the last two hours before closing.