Stocks slip amid consolidation of positions

In yet another volatile session, the Pakistan Stock Exchange (PSX) on Wednesday experienced a broad-based decline as investors remained cautious, which pulled the benchmark KSE-100 index down by nearly 1,500 points. In the morning, the market opened on a positive note, which briefly lifted the index, but early gains evaporated when investors trimmed their positions in the absence of positive triggers. The index moved in a narrow band throughout the session, fluctuating between the intra-day high of 168,161 and the low of 166,115. At close, the KSE-100 settled at 166,145.35, down 1,496.93 points, or 0.89%. KTrade Securities observed that the PSX faced continued selling pressure after its recent strong rally, which fell just short of the all-time high hit in October. The KSE-100 index slipped 1,497 points (-0.89%).