KARACHI: The Pakistan Stock Exchange (PSX) saw profit-taking on Wednesday, resulting in a decline of 310 points in the benchmark KSE-100 Index, which closed at 95,546.45, down 0.32%.

The session began on a positive note, with the KSE-100 rising to an intra-day high of 96,711 due to strong buying momentum. However, this momentum could not be sustained, and investors opted to book profits as the day progressed. The index fluctuated between a high of 96,711 and a low of 95,312, reflecting significant volatility. According to Topline Securities, market sentiment was cautious ahead of the political protests scheduled for November 24, and the market also faced pressure from foreign corporate selling, which added to the downward movement. Key stocks such as Systems Limited (SYS), Habib Bank Limited (HBL), Lucky Cement (LUCK), MCB Bank, and Sui Northern Gas Pipelines (SNGP) contributed negatively to the index, pulling it down by 348 points. However, stocks like Fauji Fertilizer (FFC), Colgate-Palmolive (COLG), and Kot Addu Power Company (KAPCO) helped cushion the losses, contributing 354 points to the index’s performance. The previous day saw a strong rally, with the KSE-100 closing above 95,000 for the first time.

On Tuesday, the index gained 861 points (0.91%), reflecting a generally positive market sentiment in recent weeks, driven by improving macroeconomic indicators, including lower inflation rates. Globally, Asian markets were cautious, with investors awaiting earnings results from Nvidia, a key player in the tech sector. The dollar pulled back slightly from recent gains, while Bitcoin surged to $94,000, fueled by expectations of a crypto-friendly U.S. administration under President-elect Donald Trump.