Stocks drift lower on profit-taking

Amid consolidation of overnight gains, the stock market on Tuesday turned in a subdued performance as the KSE-100 index inched lower in mixed trading. Topline Securities Ltd said the market initially extended the overnight buoyant momentum, tossing the index to an intraday high of 73,260, gaining 496 points. However, some investors opted to take profits at the day’s high level, which compelled the benchmark index to shed earlier gains and settle in the red. The fertiliser, power, pharma, and cable sectors contributed positively, with Dawood Hercules, Hub Power, Kot Addu, Highnoon Laboratories, and Pakistan Elektron adding 286 points to the index. Conversely, Pakistan Petroleum Ltd, Engro Fertilisers and Oil and Gas Development Company came under selling pressure and collectively lost 158 points.