PSX turns lower as investors lock in gains after early rise

Islamabad: The Pakistan Stock Exchange traded in a volatile range on Tuesday, giving up its early advance as investors booked profits after the market’s recent rally, while weaker sentiment across major Asian markets also weighed on activity.

The benchmark KSE-100 Index rose in early dealings and at one stage was up by as much as 375 points at 187,829.72. Selling pressure then intensified, pulling the index down by 436 points to 187,018.89 by mid-morning. The market later staged a limited rebound but remained in negative territory.

By 12:49pm, when the report was filed, the KSE-100 Index stood at 187,219.45, down 235.24 points, or 0.13%, with trading still in progress. During the session, the index touched an intraday high of 188,126.67 and a low of 186,686.32.

Investors remained cautious as most regional equity markets traded lower. Losses in key Asian bourses encouraged participants to secure recent gains following the PSX’s record-setting run.

Selling was seen in a wide range of index-heavy sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies, power generation firms and refinery stocks, keeping pressure on the benchmark index.

Trading volumes stayed firm, with 251.22 million shares changing hands during the session. The value of traded shares was reported at Rs18.90 billion.

Market participants said investors were engaging in selective profit-taking after the recent record highs and were also watching regional market movements while awaiting fresh domestic triggers for the market’s next direction.