Investors opt for profit-booking

Pakistan Stock Exchange (PSX) on Tuesday endured a volatile trading session as the KSE-100 index lost nearly 1,100 points in a bearish activity driven by global equity sell-offs, rising geopolitical tensions in the Middle East and disappointing domestic remittances data. Analysts also attributed the market downturn to concerns over a potential shortfall in the government's tax collection, weak global crude oil prices and the unresolved issues pertaining to the International Monetary Fund (IMF) targets under a $7 billion Extended Fund Facility. Despite the initial bullish momentum, profit-taking dominated as the session progressed, with the index swinging in a 4,000-point range. Market participants exercised caution owing to the banking sector's concerns about the advance-to-deposit ratio (ADR) condition and a slowdown in auto-sector sales.