KARACHI: The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closed lower by more than 1,900 points after profit-taking in the final hours wiped out nearly 1,700 points the index had gained during intra-day trading on Wednesday.

The KSE-100 started the session positive, hitting an intra-day high of 117,750.23 in the first half. However, the latter hours witnessed strong selling pressure that pushed the index to an intra-day low of 113,847.04. At close, the benchmark index settled at 114,148.46, down by 1,904.23 points or 1.64%. The decline in the index was primarily driven by UBL, PPL, SYS, MARI, and OGDC, which together contributed to a loss of 659 points. On the other hand, ENGROH, FFC, and SRVI helped offset the losses, adding 184 points to the index, brokerage house Topline Securities said in its post-market report. "Market participants exhibited caution during the session as profit-taking ensued after recent market rallies, reflecting a mix of optimism and near-term risk aversion," Topline said. On his visit to the PSX, Prime Minister Shehbaz Sharif on Wednesday acknowledged that the current tax slabs "are prohibitive", hampering business operations and investments.The decline in the index was primarily driven by UBL, PPL, SYS, MARI, and OGDC, which together contributed to a loss of 659 points. On the other hand, ENGROH, FFC, and SRVI helped offset the losses, adding 184 points to the index, brokerage house Topline Securities said in its post-market report. "However, we are under an International Monetary Fund (IMF) programme, and we need to honour our commitments with the global lender."