Stocks wobbled at Pakistan Stock Exchange (PSX) on Tuesday snapping a two-day winning streak as profit-taking and mounting uncertainty over the upcoming budget dampened the sentiments. The selling pressure gripped the index right after the opening bell and remained in negative territory throughout the session touching intraday low of 48,000.26 at one point after losing 302 points. However, the index pared its earlier losses by the closing bell and clocked at 48,147 level with a 154.68 points loss. Irfan Saeed, Senior vice president,BMA Capital Management Limited said right after the opening bell, heavy profi-taking was witnessed ahead of rising uncertainty around the upcoming budget since the deadlock persists between the government and the IMFon next budgetary targets, especially taking additional taxation measures to fetch Rs300 billion, hiking petroleum levy and exact timeframe for increasing electricity tariff. Mr Saeed, however, noted that technically the index is witnessing strong support at 48,000 level, and therefore a late buying spree by the investors, who cherry picked stocks at attractive valuation, lifted the index to regain some lost territory. Arif Habib Limited, in its report, stated that the market slumped in the face of selling pressure, which had emerged on Monday. “Increase in cement prices per bag helped cement stocks trade in the green whereas Kapco saw its stock price move up on the notification of board meeting to consider an interim dividend,” it said. It added that “On the other hand, TRG Pakistan contributed to the downside in the index due to concern over minimum global tax, as envisaged by the European Union and the US.” The slump was also witnessed in U.S. technology giants at Wall Street, after a landmark global minimum corporate tax deal agreed between the world’s richest nations. Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15% and the focus now shifts to the G20 countries for a wider agreement on the new tax proposals. Moreover during the session, Oil sector was also dragged down after the global oil rally lost steam, just after touching $70 a barrel in New York for the first time since October 2018 faltered. Futures dropped back below $69 a barrel on Tuesday. That mirrored wider markets where the dollar rose and U.S. equity futures pared gains as the recent surge in various assets brought on inflation concerns. During the session Market Capital decreased by Rs 32.16 Billion, while total value traded decreased by 3.78 Billion to Rs.23.90 Billion The volume at kse-100 receded from 320 million shares recorded in the previous session to about 265 million shares, while volume at all shares index rose from 936 million million shares to cross 1 billion shares. At kse-100 the volume chart was led by WorldCall Telecom Limited followed by Byco Petroleum Limited and Hum Network Limited. The scrips exchanged 399.9 million, 37.8 million and 35.11 million shares. As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $1.78 million worth of shares. Among local investors, Banks and Individuals offloaded about $5 and $3.2 million worth of equities. However, Brokers, Mutual Funds and Companies led the buying chart, mopping up $3.5 million, $3.4 million and $2.6 million worth of equities. During the session, sectors which dented the index were Technology & Communication with 72 points, Oil & Gas Marketing Companies with 41 points, Textile Composite with 29 points, Oil & Gas Exploration Companies with 19 points and Refinery with 13 points. Among the scrips, the most points taken off the index was by TRG Pakistan which stripped the index of 74 points followed by Pakistan State Oil with 24 points, Oil & Gas Development Company Limited with 14 points, Sui North Gas Pipeline with 13 points and Kohinoor Textiles Mills Limited with 8 points. However, sectors which lifted the index were Power Generation & Distribution with 28 points, Commercial Banks with 16 points, Investment Banks with 9 points, Chemical with 7 points and Leather & Tanneries with 3 points. Among the scrips, the most points added to the index was by Kot Addu Power Company Limited which contributed 29 points followed by Habib Bank Limited with 14 points, Muslim Commercial Bank with 12 points, Dawood Hercules Corporation Limited with 12 points and Bank Al Habib Limited with 8 points.