Profit-taking drags PSX down by 292 points

The Pakistan Stock Exchange (PSX) witnessed volatile trading on Tuesday as the benchmark KSE-100 index closed in the red because of late-session profit-taking that erased early gains. After touching the intra-day high of 162,820, the index failed to sustain the momentum and slipped to the low of 161,277 before settling at 161,692.49. By the closing bell, the market had recorded a decline of 291.59 points, or 0.18%. Market sentiment weakened towards midday as profit-booking intensified across index-heavy sectors such as oil & gas exploration, banking and power generation. KTrade Securities wrote in its market wrap that PSX remained range bound with subdued participation as low volumes continued to cap momentum. The KSE-100 index lost 292 points (-0.18%) day-on-day.