Karachi: Pakistan’s stock market came under profit-taking as investors chose a cautious approach at inflated levels. The KSE-100 index is hovering around 45,500 points, retreating from its position near 46,000 points levels yesterday.
KSE-100 index opened the day in negative and reached down to 45,637 points with decline of 266 points in the first ten minutes of the trade. The stocks at the inflated price levels mainly on back of unconfirmed market talks were offloaded by the investors.
There were some negative news regarding energy sector that also overshadowed the oil price gains in the international market for the local oil and energy stocks, traders and analyst said.
The news related to the default by LNG supplier had negative impact on energy stocks that triggered profit taking despite favorable prices in international market, they added.
Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden’s inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.