KARACHI: The stock market failed to sustain its record gains on Wednesday, retreating into the red as profit-taking and concerns over the delayed privatisation of state-owned enterprises (SOEs) weighed on investor sentiment.

The KSE-100 index closed at 139,254.36, down 165.26 points or 0.12pc, after hitting an intraday high of 140,202.18 and a low of 139,105.05. The index remained range-bound throughout the session, primarily due to rollover-related pressure and institutional selling at elevated levels.

Ahsan Mehanti of Arif Habib Corporation attributed the bearish close to........

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