Bearish conditions persist on stock market

Amid a dearth of positive triggers, the stock market continued its downturn for the fourth straight session on Monday mainly due to a weakening of the rupee on falling foreign exchange reserves ahead of the first review of the International Monetary Fund next month, crucial for the release of next tranche. Ahsan Mehanti of Arif Habib Corporation said the market stayed bearish amid consolidation in the earning season, investor concerns for foreign outflows, and the outcome of tax reforms ahead of the IMF review. He added that rupee instability, falling foreign exchange reserves and geopolitical uncertainty were other factors that depr­essed investor sentiments.