KARACHI: The share market recorded a decline of 170 points at the opening hours  of trading on Thursday.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is trading at 44,197 points from last day’s closing of 44,367 points.

Market sources said that the index lost 170 points due to profit taking in early hours after massive gain in the last day’s trading.

The index gained 1,120 points a day earlier following the announcement of the monetary policy by the State Bank of Pakistan (SBP). The central bank increased the rate by 100 basis points to 9.75 per cent.

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However, the SBP hinted at maintaining the rate in future announcements, which restored confidence of stock investors.

“Recent guidance of the SBP is expected to drive the market as evident from yesterday’s activity on KSE-100,” said analysts at KASB Research.

Moreover, details of the circular debt management plan may restore the lost interest in oil and gas sectors.