Stocks falter after breaching 120,000-barrier

The Pakis­tan Stock Exchange (PSX) snapped its three-session winning streak as investors indulged in profit-taking towards end of the session, dragging the benchmark KSE 100 index in the red zone after scaling an all-time high above 120,000 intraday. Topline Securities Ltd stated that the stock market exhibited volatility, with the index fluctuating within a wide range, primarily influenced by global market trends. Local equities faced selling pressure amid uncertainty surrounding the upcoming budget and the government’s proposed 2–3pc hike in the tax rate on passive income. During the session, the index reached an intraday high of 1,018 points and a low of 899 points, eventually closing at 118,877.81 — a drop of 813.29 points, or 0.68pc day-on-day.