PSX slips into red as investors book profits

Selling in banks, cement, energy, and auto stocks offsets early gains

KARACHI:

The Pakistan Stock Exchange (PSX) traded on a volatile note on Tuesday, surrendering early gains as investors resorted to profit-taking amid a cautious regional mood, with weakness across major Asian markets adding to subdued sentiment.

The benchmark KSE-100 Index initially climbed as much as 375 points to an intraday high of 187,829.72 during early trade.

However, selling pressure soon emerged, dragging the Index down by 436 points to 187,018.89 by mid-morning. The market later attempted a modest recovery but failed to regain positive territory.

At 12:49pm, when this report was filed, the benchmark Index was trading at 187,219.45, down 235.24 points, or 0.13%, while trading remained underway.

Investor sentiment remained cautious as regional equity markets largely traded lower, with losses in major Asian bourses prompting investors to lock in recent gains after the PSX's record-setting rally.

Read: PSX opens week with 2,082-point surge

Selling was witnessed across major sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies, power generation and refinery stocks, keeping the benchmark Index under pressure.

During the session, the Index touched an intraday high of 188,126.67 and a low of 186,686.32. Market participation remained healthy, with 251.22 million shares changing hands, while the traded value stood at Rs18.90 billion.

Market participants said investors were opting for selective profit-taking after recent record highs, while closely monitoring regional market trends and awaiting fresh domestic triggers to determine the market's next direction.