DAILY MARKET WRAP

Extending the losses from the previous session, the Pakistan Stock Exchange (PSX) wrapped up trading in negative territory on Tuesday. Despite an early rally, the indices continued to fall as the day progressed. Additionally, trading volume was lower than the previous session.

Global equity markets exhibited a mixed trend. Crude oil prices moved north, with WTI crude oil rising by 2.44% to $72.09 while Brent crude oil increased by 2.21% to $74.83. (As at 3:47 PM PST, Source: Investing.com).

During the session, bulls initially propelled the benchmark KSE 100 index to a high of 82,010.10 marking a gain of 159.59 pts. However, bears soon took control causing the index to drop to a low of 81,107.39 resulting in a loss of 743.12 pts. The index ultimately settled down by 366.86 pts at 81,483.64. Meanwhile, the KMI 30 index declined by 1,701.04 pts to close at 126,667.30. While the KSE All Share index fell by 104.16 pts ending the session at 52,112.10.

Investor activity declined from 400.03 mn shares in the previous session to 369.44 mn shares. Worldcall Telecom Limited (WTL -2.34%) remained the volume leader, with 39.36 mn shares traded. It was followed by Pace Pakistan Limited (PACE -2.97%) and The Hub Power Company Limited (HUBC -4.24%). The scrips had 22.59 mn shares and 21.24 mn shares traded, respectively.

The sectors pushing the benchmark KSE 100 index downward included Power Generation and Distribution (-226.35 pts), the Banking sector (-51.38 pts), and Oil and Gas Exploration (-44.59 pts). On a company level, Hub Power Company Limited (HUBC -180.00 pts), Engro Fertilizers Limited (EFERT -74.05 pts), and MCB Bank Limited (MCB -66.14 pts) led the index south.

The Power Generation and Distribution sector lost 2.89% in its overall market capitalization. The Hub Power Company Limited (HUBC -4.24%), K-Electric Limited (KEL -0.77%), Pakgen Power Limited (PKGP -2.30%) and Kot Addu Power Company Limited (KAPCO -1.89%) all closed in negative territory.

Values as at 04:15