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 benchmark index opened the market strong, surging more than 600 points in early trade to hit an intraday high of 188,126 points, suggesting ongoing investor optimism.

But as the afternoon progressed, the market faced profit-booking and selling pressure, and the index gave up its gains.

The KSE-100 Index ended at 186,255 points, down 1,199 points from the last session.

The abrupt turnaround came a day after the market had notched solid 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 cues in the coming sessions.