After days of positive momentum, profit-taking was the theme of the day as the benchmark KSE-100 Index closed lower by 424 points on Tuesday.
The KSE-100 witnessed selling pressure since the start of the session, which pushed the index to an intra-day low of 92,893.11.
Some late-session buying helped the KSE-100 Index regain the 93,000 position.
At close, the benchmark index settled at 93,224.56, down by 423.76 points or 0.45%.
Selling pressure was observed in key sectors including automobile assemblers, banking, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, SNGPL, OGDC, PPL, NBP and HBL traded in negative.
Profit-taking was observed at the stock market on Tuesday, Mohammed Sohail, CEO of Topline Securities, told Business Recorder.
Another analyst said the visit of the International Monetary Fund (IMF) delegation, and buzz over the requirement of additional taxation measures sent participants into a state of panic selling and consolidation of gains.
The stock market has maintained an upward streak in recent weeks amid positive economic indicators including a decline in policy rate and improvement in remittance flows.
Meanwhile, an IMF delegation, led by its Mission Chief Nathan Porter, held an initial meeting with Finance Minister Muhammad Aurangzeb on Tuesday.
The IMF delegation arrived in Pakistan on Monday for a staff visit to discuss recent developments and the Extended Fund Facility (EFF) performance to date.
Reports indicate that measures aimed at curtailing expenditure and increasing tax collection are to be high on the agenda of the IMF-Pakistan meetings.
On Monday, the PSX’s benchmark index closed higher by 357 points as traders took a breather after the index crossed 94,000 for the first time during intra-day trading.
Internationally, Asian stocks eased while the dollar held at four-month highs on Tuesday, though all the excitement was centred on bitcoin as it soared to a record peak underpinned by investor bets on assets that are likely to benefit from Donald Trump’s election win.
Investors anticipate Trump’s second four-year term in office will bring equities-boosting tax cuts and looser regulations, lifting the world’s biggest and best-known cryptocurrency, bitcoin, to an all-time high of $89,637.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1%, with Taiwan shares sliding 2% and South Korean stocks 1% lower.
Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Tuesday. At close, the currency settled at 277.93, a loss of Re0.07 against the greenback.
Volume on the all-share index decreased to 792.90 million from 815.19 million on Monday.
The value of shares declined to Rs30.79 billion from Rs37.32 billion in the previous session.
Pak Int.Bulk was the volume leader with 79.86 million shares, followed by K-Electric Ltd with 71.76 million shares, and Pak Refinery with 56.36 million shares.
Shares of 454 companies were traded on Tuesday, of which 151 registered an increase, 242 recorded a fall, while 61 remained unchanged.
Read the full story at the Business Recorder - Latest News website.
