KARACHI: Pakistan Stock Exchange (PSX) snapped its 11-session winning row on Tuesday and turned towards correction, with the benchmark KSE-100 Index losing 200.34 points (-0.40 percent) to close at 49,531.01 points. The market opened on a positive note but switched between the red and green territories for the first two hours’ trading. The benchmark index briefly crossed the 50,000 points level for the first time since January 2017 and it caused profit-taking. Overall, the benchmark index gained 3,558.56 points in the last 11 sessions and a correction was already expected, which continued till the end of the session. The market has been showing strength since the signing of the loan agreement with the International Monetary Fund (IMF) on June 30 last. Moreover, attractive valuations of stocks in terms of price-to-earning-ratio (PE) and buyback of their own companies’ shares by the companies’ owners these days have made the market attractive for investors. TLTP
