PSX: KSE-100 Index drags down 367 points amid selling pressure

Experts note recent bullish trend led investors to capitalise on profits

The Pakistan Stock Exchange (PSX) faced selling pressure on Tuesday, leading the benchmark KSE-100 Index to close 367 points lower. 

The KSE-100 initially started the day on a positive note, reaching an intra-day high of 82,010.10. However, profit-taking dominated the market later in the session, pushing the index down to an intra-day low of 81,107.39. 

By the close of the session, after some late buying, the index settled at 81,483.64, marking a loss of 366.86 points or 0.45%.

Topline Securities attributed the market's decline to profit-taking, particularly in key stocks such as HUBC and EFERT. The sell-off also impacted other major stocks, including MCB, PPL, and BAFL.

Experts highlighted that the market had seen a bullish trend in previous days, and investors took the opportunity to lock in profits. 

Additionally, the market is awaiting the outcome of the IMF Executive Board meeting on Wednesday, which will address Pakistan’s 37-month Extended Fund Facility (EFF) worth approximately $7 billion.

On Monday, the KSE-100 Index also experienced profit-taking, closing below the 82,000 mark after losing 224 points.