The Pakistan Stock Exchange has ended Tuesday’s session on a negative note, with the benchmark KSE-100 index losing 685.74 points, or 1.32 per cent, by the close of the trading session to reach 51,453.16.

Volumes were led by cement company stocks as the benchmark index lost nearly 700 points in intraday trading.

Ahsan Mehanti of Arif Habib Corp noted, “Stocks closed sharply lower amid concerns for foreign outflows, higher taxation in the federal budget on short-term capital gains and super tax levy on the corporate sector.”

“Concerns for higher tax levies on steel and cement sectors and weak MSCI Emerging Markets status-led-foreign flows played a catalyst role in major fall at PSX,” he added.

86.44 million shares changed hands by the end of the session, with a total worth of nearly Rs12.7 billion.

Stocks of 379 companies were traded, of which 81 gained in value, 289 declined and 9 remained unchanged.

Volumes were led by:

1. Power Cement(R): 23.98m shares traded [-10.04pc];

2. Engro Polymer: 11.63m shares traded [-2.77pc];

3. TRG Pak Ltd: 9.42m shares traded [-1.08pc];

4. Inter Steel Ltd: 8.59m shares traded [-4.99pc]; and,

5. Aisha Steel Mill: 8.53m shares traded [-3.62pc].