The Pakistan Stock Exchange turned lower by midday on Thursday as profit-taking set in after four straight sessions of gains, pulling the benchmark KSE-100 Index down 473.78 points, or 0.28%, to 171,758.73.

The index had closed Wednesday at 172,232.51 after an 830-point rally driven by constructive US-Iran talks on the sidelines of the UN General Assembly, the arrival of an IMF staff mission for programme reviews, and buying in refinery stocks.

On Thursday, the market opened firmer and touched an intra-day high of 172,491.16 before sellers took control. The session low stood at 171,628.14. By midday, volume in the highlighted board was 159.25 million shares, with a traded value of about Rs8.51 billion. The market remained open.

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Investors appeared to lock in Wednesday’s gains while waiting for clearer signals from the IMF review and from oil prices, which have swung with every shift in Gulf diplomacy. Commercial banks, fertiliser and selected heavyweights that led the previous session were among the names under pressure, while oil and gas names were mixed.

Brokers said market movement was consistent with a pause after a sharp one-day jump rather than a break in the recent recovery. The KSE-100 is still up for the week after Wednesday’s close, but Thursday’s midday print showed the market is sensitive to any absence of fresh catalysts once early buyers step aside.

Trading continues until the close; a late rebound remains possible if bargain-hunters return to index heavyweights.