Stocks lose 803 points on profit-taking
In contrast to the global bullish trend in world stock markets following the inauguration of Donald Trump as the 47th president of the United States, Pakistani shares declined on Tuesday due to aggressive selling triggered by proposed changes to tax laws. Topline Securities Ltd reported that the benchmark index started the day on a positive note, reaching an intraday high of 116,425 points. However, mid-session profit-taking caused the index to close at 115,042 points, resulting in a loss of 803 points, or 0.69 per cent, from the previous day. The brokerage house observed that the tax changes may impact a small segment of non-filers participating in the stock market. The primary drivers behind the negative movement included Mari Petroleum, Hub Power, Oil and Gas Development Company, Lucky Cement and PSO, which collectively wiped out 543 points.