Profit-taking erases early gains at PSX

The KSE-100 closed lower on Tuesday at 164,776.44, down 347.97 points or 0.21 per cent, as an early rally faded under profit-taking at higher levels. The index had reached an intraday high of 166,070.48 before sliding to a low of 164,773.67, and it slipped below the key psychological level of 165,000 points. According to The Express Tribune, the session was mixed and volatile.

Early buying in automobile assemblers, cement, commercial banks and oil and gas exploration firms lifted the index more than 700 points after the opening, with KTrade Securities crediting Brent crude trading below $105 a barrel for the upbeat tone. Oil prices kept hovering close to $105 a barrel, but selling spread across the board and wiped out the gains by the close. Banks, technology stocks and energy names bore most of the pressure, while fertilisers alone offered some support.

UBL, HBL, Lucky Cement and Mari Energies were among the main drags, with Pakistan Telecommunication Company also pushing lower, together removing 343 points from the index. Meezan Bank, Fauji Cement and AGP were among five stocks that together added 112 points. Trading volume rose to 383.7 million shares worth Rs13.1 billion, while foreign investors sold Rs644.2 million of stock, according to the National Clearing Company. KTrade expects cautious trading to continue as buyers remain selective and accumulate on dips, with a sustained recovery dependent on wider participation and geopolitical developments.