Business
Pakistan Stock Exchange closes down 1,199 points as early rally fizzles out
The Pakistan Stock Exchange (PSX) erased early gains on Tuesday as selling pressure wiped out an opening advance, bringing the benchmark KSE-100 Index into the negative by the close of trading.
The market opened strong, with the benchmark index jumping more than 600 points in early trading, touching an intraday high of 188,126 points, suggesting ongoing investor optimism.
However, as the afternoon progressed, the market was hit by profit-booking and selling pressure, and the index gave up its gains.
The KSE-100 Index closed at 186,255 points, down 1,199 points from the previous session.
The sudden turnaround occurred a day after the market had achieved substantial gains. The benchmark index gained 2,082 points on Monday to conclude at 187,454 points, continuing its bullish run.
Market players will continue to track economic trends, business results and policy announcements for direction in the coming sessions.