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Profit-taking pares down early gains
KARACHI: The stock market on Monday carried investors on a seesaw ride that halted at about the same place where it began.
The KSE-100 index edged up by just 1.18 points for the day to close at 49,039.41.
It was a typical session where investors who threw caution to the wind could have suffered considerable losses. The market started off on a positive note and swung up to intraday high by adding 403 points underpinned by textile, oil and gas, cement, fertiliser, power and steel stocks.
In later hours, the market succumbed to profit-taking as many regarded it as highly overbought. Others thought investors were spooked by the ongoing Panama case hearings as well as a rising trade deficit of $2.76 billion versus $2.04bn a year ago.