KARACHI - The stock market suffered more losses on Thursday after the federal government imposed RGST & Flood Surcharge on corporates and individuals. Ahsan Mehanti said that the profit-taking continued in scrips across the board on investors worries on corporate sector profitability on RGST approval despite rise in international oil prices to over $88 and foreign interest in banks & oil sector scrips. The Karachi Stock Exchanges benchmark 100-share index ended 0.34 percent, or 36.70 points, lower at 10,905.24. The KSE 30-index closed at 10,489.02 with a loss of 45.33 points. The KMI 30-index closed at 17450.64 with a loss of 67.80 points. All shares index closed at 7583.63 with a loss of 21.59 points. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 12.522 million as compared to last trading sessions 22.121 million. Future market volume, however, stood at 3.042 million shares as compared to 5.75 million shares of the last trading session. Market capitalization stood over Rs 2.980trillion. As many as 175 companies advanced, 194 declined and 28 remained unchanged. Highest volumes were witnessed in TRG Pakistan at 17.03 million, closed at Rs. 4.43 with a gain of Re. 0.04, followed by Arif Habib Sec. SD at 13.08 million, closed at Rs. 25.62 with a gain of Rs. 1.20, and Jah. Sidd.Co at 11.093 milion closed at Rs. 12.11 with a gain of Re 0.09. He said that the rising inflation and increasing pressures on variables (government borrowing, fiscal deficit) considered for benchmark interest rates (under the formula given by IMF) signalling higher interest rate environment, not only over shadowed the leverage product mania, sectors likely to feel the heat of RGST, mainly the exporting concerns textiles and cements, led the bearish spell. He said that various other factors aggravated the sell-off besides RGST impact, highly leveraged companies mainly those, witnessing decline in local and export demand, having high dependence on economic growth, and those facing tough time in managing debt either due to inefficient debt management or due to likely delay in bringing the expansions undertaken through acquiring further and expensive debt in operations. He further said that faced offloading, low volumes and absence of buyers on intervals added the colour of panic thus forcing the stocks to lose values at a higher pace, swaps towards other stocks and sectors however restricted the bench-mark from undergoing unprecedented decline.