Pakistan stocks closed negative due to profit taking

Pakistan stocks closed under pressure at the year-end, weighed down by institutional profit-taking in overbought scrips.

The session experienced volatility due to year-end adjustments.

However, the equity market concluded the calendar year 2024 on a high note, delivering a stellar return of 84%.

KSE-100 index shed 0.11% or 132.09 points to close at 115,126.90 points.

Indian stocks fell for the second day, mainly due to big drops in IT and realty stocks, which outweighed gains in energy and metal sectors. Overall market sentiment stayed weak despite strong performances in some areas.

The decline is largely due to ongoing selling by foreign institutional investors (FII), which has persisted even during the usually slow holiday season.

BSE-100 index shed 0.12% or 29.76 points to close at 25,061.75 points.

DFM General Index gained 0.11% or 5.43 points to close at 5,158.67 points.

Commodities

Oil prices rose slightly on Tuesday as China's manufacturing grew for the third month in a row in December, despite a slower expansion rate. This growth is due to China's massive 3 trillion yuan ($411 billion) stimulus for 2025, aiming to boost industrial production and fuel demand.

However, concerns persist. OPEC and the International Energy Agency (IEA) have lowered their oil demand forecasts for 2025, citing a slow economic recovery and decreasing demand from major consumers like China.

Brent crude prices gained 0.26% to $74.18 per barrel.

Gold prices stayed steady on Tuesday, supported by central bank purchases, geopolitical uncertainties, and easier monetary policies, leading to its best yearly performance.

Despite some challenges from a stronger U.S. dollar and slower easing by the Federal Reserve, gold is expected to remain strong in 2025.

International gold prices increased 0.22% reaching $2,611.97 per ounce.

Currency

US dollar steadied against PKR in the inter-bank market, up 0.04%. Pakistani currency settled at 278.55 with a loss of 9 paisas. In the open market USD was trading at PKR 279.