PSX benchmark 100 Index drops 826 points

Pakistan Stock Exchange (PSX) registered downward trend on Wednesday as benchmark KSE 100 Index dropped 826 points and settled at 1,32,576 pints, reported 24NewsHDTV Channel. 

According to market experts, profiting taxing is a natural process as stock market touched record high during the last few days. 

Investors preferred to sell to lock in profits, however, experts say the overall direction of the market is still positive and fundamental indicators are stable. Despite recent market volatility, experts are optimistic that the stock exchange will set more new records in the future. 

Earlier on Tuesday, PSX shot up to a new peak above 134,000 points in intra-day trading but it could not sustain the momentum and closed almost flat. 

Investors offloaded their holdings to book profit at sharply higher valuations following a rapid surge of the market over the past few days, when it repeatedly touched new all-time highs. In the morning, the bourse kicked off trading on a positive note, however, it soon plunged to intra-day low of 132,696. The benchmark KSE-100 index recovered and continued to fluctuate frequently till midday. 

Afterwards, the market began a gradual ascent, surging to intra-day high of 134,200. Before the end of trading, investors resorted to profit-taking, which wiped off most of the day's gains. However, it still stood at an all-time high.