DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) broke its recent winning streak on Tuesday, closing in negative territory after fluctuating between gains and losses throughout the session. Trading volumes also declined compared to the previous day.

Global equity markets displayed a mixed performance. Crude oil prices trended upward with WTI crude rising 0.71% to $68.52, and Brent crude edging up 0.67% to $72.31 (as of 3:51 PM PST, Source: Investing.com).

During the session, the KSE-100 index initially surged to a peak of 93,871.62 gaining 223.29 pts. However, it failed to hold onto these gains and later dropped to an intraday low of 92,893.11 losing 755.22 pts. By close, the index had fallen by 423.76 pts settling at 93,224.56. The KMI-30 index also took a hit shedding 624.79 pts to end the session at 141,563.37. Meanwhile, the KSE All Share index declined by 528.50 pts closing at 59,708.18.

Overall market volume went down from 812.09 mn shares in the previous session to 792.13 mn shares. Pakistan International Bulk Terminal (PIBTL -3.15%), K-Electric Limited (KEL +3.01%) and Pakistan Refinery Limited (PRL +7.52%) dominated the volume chart. The scrips had 79.86 mn shares, 71.76 mn shares and 56.36 mn shares traded, respectively

Several sectors dragged the KSE-100 index lower, with Cement down 74.25 pts, Banking down 71.79 pts and Fertilizer down 51.46 pts. Among individual companies, Pakistan Petroleum Limited (PPL, down 65.07 pts), Oil & Gas Development Company Limited (OGDC, down 61.98 pts) and Engro Corporation Limited (ENGRO, down 58.02 pts) contributed to the downward pressure on the index.

The Cement sector lost 0.91% in its cumulative market capitalization. Lucky Cement Limited (LUCK -0.41%), Bestway Cement Limited (BWCL -0.31%), Kohat Cement Company Limited (KOHC -0.30%) and Fauji Cement Company Limited (FCCL -3.74%), all closed in red.

Values as at 04:15