KARACHI : Stocks on Thursday went into a tailspin for the second day in a row, plunging below 89,000 points as investors booked profits in an overbought market after a multi-session rally driven by rate-cut-bets petered out days before the central bank’s monetary policy meeting. The Pakistan Stock Exchange’s benchmark KSE-100 Shares Index lost 1,319.80 points or 1.46% to hit a low of 88,966.76 points against the previous close of 90,286.56 points. Analysts are blaming institutional profit-taking in overbought scrips as the main reason behind this downward spiral that started on Wednesday. Brokerage Arif Habib Limited (AHL) in a note said the KSE-100 index surged by 9.7% (+7,853 points) on a month-on-month basis in October 2024, closing at 88,967 points — its highest monthly return since November 2023. Topline Securities in its daily market report said the recent rally was driven by expectations of a policy rate cut. “However, a drop in the yields on the T-bills (market treasury bills) in Wednesday’s auction spurred profit-taking, reflecting a classic “buy on rumour, sell on news” pattern,” analysts at Topline research reported.