DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed a range-bound session on Tuesday. Indices traded in both zones until finally closing flat while volumes remained low. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.71% to $72.56. While Brent crude oil price was down by 0.88% to $76.52. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.5857/USD (0.20%) against the US Dollar on DoD basis ending the session at PKR 287.1456/US$.

During the day, the benchmark KSE 100 index oscillated between intraday high of 41,295.65 (gaining 100.58 pts) and intraday low of 41,098.70 (losing 96.37 pts). It settled flat by negative 95.76 pts at 41,099.31. The KMI 30 index lost 199.16 pts closing at 70,363.11. While the KSE All share index was down by 33.13 pts ending at 27,363.30.

Total traded volume shrank from 97.69 mn shares in the previous session to 91.00 mn shares. Highest volumes were witnessed in Worldcall Telecom Limited (WTL -0.89%), K-Electric Limited (KEL -0.55%) and Unity Foods Limited (UNITY -3.05%). The scrips had 23.20 mn shares, 8.55 mn shares and 3.69 mn shares exchanged, respectively.

Sector dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (32.32 pts), Banking sector (19.37 pts) and Power Generation and Distribution sector (17.18 pts). Company-wise, The Hub Power Company Limited (HUBC 17.17 pts), Oil and Gas Development Company Limited (OGDC 15.54 pts) and Pakistan Petroleum Limited (PPL 11.60 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 0.63% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 1.13%), Mari Petroleum Company Limited (MARI 0.11%), Pakistan Petroleum Limited (PPL 1.05%) and Pakistan Oilfields Limited (POL 0.26%), all closed in red.

Pakistan Suzuki Motor Company Limited (PSMC +0.04%), in a notification to the Exchange, stated that it has decided to shut-down motorcycle plant from May 23, 2023 to June 10, 2023 due to shortage of inventory level. Automotive plant will remain operative.

Values as at 04:11 PM PST