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Stocks lose 359 points amid inflation hike fears
KARACHI: The onset of the rollover week saw the KSE-100 index plunge by 359.89 points (1.12 per cent) to close at 31,751.21 on Monday.
The market took off to a positive start, which saw index edge up by 37 points but the benchmark soon caved in to hit intra-day low by 401 points.
On Monday, the sell-off was led by individuals who after several days of buying turned net sellers of $2.76 million worth equity. While the foreigners sold shares of $0.50m, local institutional players and mutual funds remained mainly on the sidelines.
The offloading was across the board as mixed signals were received on the state of the economy. Individuals dumped stocks on renewed fears of hike in inflation in September.