PSX takes pause as profit-taking dominates

Profit-taking continued at the Pakistan Stock Exchange (PSX) for the second consecutive day on Thursday, which brought major sectors under selling pressure, dragging the benchmark KSE-100 index down by nearly 900 points. Following an initial spike to the intra-day peak of 170,301, the market dived early in the day and registered a notable decline before midday. Thereafter, the bourse steadied for a significant time, but it again dropped, touching the intra-day low of 168,548 just before close. Investors resorted to profit-booking at higher valuations, despite the settlement of power-sector debt worth Rs660 billion in the largest-ever transaction in Pakistan's capital market. The index crossed the 170k milestone for the second day in a row; however, it could not stay above that level for long.