Stocks fall 203 points on profit-taking.

KARACHI -- The stock market opened positive on bullish momentum of the outgoing week, which receiAved further support from the interest rate cut by 100 basis points to eight per cent that was announced by the MonAeAtary policy commiAttee of the State Bank of PakAAisAtan after trading hours on Friday.

The KSE-100 index starAted up by 250 points and raAAced to intraday high by 385 points. But the investor entAhusiasm was soon quashed as profit-taking took hold of the market, sending it spiralling down by intraday low of 238 points. The benAchmark finally closed down by 203 points (0.6pc) at 33,805.

Traders said the overpowering concern of the breakout of coronavirus sapped investors' confidence to take fresh positions and eclipsed the interest rate cut, the fourth since COVID-19 struAAck the planet. Moreover, profit-taking at the 34,000-level was thought to be prudent.

Banking led the losers as they feared a hit on their income due to cut in interest rates but the cement sector also faced selling pressure regardless of the benefit of lower interest that would accrue to the leveraged cement companies.

Foreigners sold shares worth $3.85 million while banks offloaded...