DAILY MARKET WRAP

Bears of the Pakistan Stock Exchange (PSX) re-appeared on Tuesday. Indices fluctuated within a narrow range for most of the day, ultimately closing lower. Analysts noted that investors were unimpressed by the 100 basis pts policy rate cut, having anticipated a more significant reduction.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.37% to $75.53. While Brent crude oil price was down by 0.38% at $78.75. (as at 3:59 PM PST, Source: Invetsing.com).

During the day, the benchmark KSE 100 index swung between intraday high of 79,327.05 (gaining 499.31 pts) and intraday low of 78,518.23 (losing 309.51 pts). It closed the session lower by 198.94 pts at 78,628.81. The KMI 30 index dropped by 696.62 pts ending the day at 124,234.23. While the KSE All share index deppreciated by 206.19 pts to conclude the day at 49,892.37.

Investor activity went down from 370.31 mn shares in the last session to 312.83 mn shares. Highest participation was witnessed in The Organic Meat Company Limited (TOMCL +3.72%), The Searle Company Limited (SEARL +3.22%) and Fauji Cement Company Limited (FCCL -3.95%). The scrips had 24.83 mn shares, 24.07 mn shares and 15.82 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Cement sector (-105.35 pts), Oil and Gas Exploration sector (-51.34 pts) and Investment Banking sector (-45.34 pts). Company-wise, Engro Fertilizers Limited (EFERT -63.91 pts), Dawood Hercules Corporation Limited (DAWH -47.78 pts), and Habib Bank Limited (HBL -46.06 pts), were top points snatchers.

The Cement sector lost 1.69% in its cumulative market capitalization. Lucky Cement Limited (LUCK -0.81%), Pioneer Cement Limited (PIOC -2.15%), Kohat Cement Company Limited (KOHC -0.51%) and Fauji Cement Company Limited (FCCL -3.95%), all closed in red.

Values as at 04:14 PM