KARACHI: Despite a series of interest rate cuts, a sharp contraction in the large-scale manufacturing (LSM) sector further jolted investor confidence in the economic outlook. As a result, equity prices continued receiving massive battering, pushing the benchmark KSE 100 index to drop below 114,000 on Thursday.

Topline Securities Ltd said the index settled at 113,837, reflecting a dec­rease of 659 points or 0.58 per cent, primarily driven by a lack of positive triggers and uncertainty surrounding the new US government strategy and its impact.

Major contributors to the negative movement included Fauji Fertiliser, Pakistan Petroleum, PSO, Mari........

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