DAILY MARKET WRAP

Bloodbath at PSX – KSE 100 Sheds Over 3,500 pts!

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday, experiencing a sharp sell-off. The market indices saw a steep decline in momentum with the benchmark KSE-100 Index plunging over 3,500 points in a single session. Despite the downturn, trading volumes improved compared to the previous session.

Global equity markets showed mixed trends. Crude oil prices moved upwards with WTI crude oil price rising by 0.99% to $69.62. While Brent crude oil price was up by 0.88% to $73.12. (As at 3:42 PM PST, Source: Investing.com).

The KSE-100 Index began the day on a strong note peaking at 99,819.59 with an intraday gain of 1,739.81 pts. However, the bullish momentum reversed sharply driving the index down to a session low of 94,180.60 marking a substantial decline of 3,899.18 pts. By the close, the index had settled at 94,574.16 reflecting a net loss of 3,505.62 pts or 3.57%. Similarly, the KMI-30 Index shed 7,722.58 pts to end at 138,440.72, while the KSE All Share Index declined by 2,387.36 pts closing at 59,784.47.

Investor activity intensified with total volumes rising to 1.11 bn shares from the previous session’s 639.80 mn. K-Electric Limited (KEL) dominated the volume chart with 101.64 mn shares traded, experiencing a decline of 10.41%. The Bank of Punjab (BOP) and Hascol Petroleum Limited (HASCOL) followed, with 92.02 mn and 73.32 mn shares traded, rising by 0.59% and 10.04%, respectively.

The Oil & Gas Exploration sector weighed heavily on the KSE-100 index dragging it down by 757.53 pts. The Fertilizer sector and Cement sector followed contributing losses of 609.24 and 450.48 pts, respectively. At the company level, significant negative contributions came from Meezan Bank Limited (MEBL, -384.89 pts), Fauji Cement Company Limited (FFC, -297.27 pts) and Oil and Gas Development Company Limited (OGDC, -279.34 pts).

The Cement sector lost 5.30% in its cumulative market capitalization. Lucky Cement Limited (LUCK -5.08%), Bestway Cement Limited (BWCL -1.97%), Kohat Cement Company Limited (KOHC -4.14%) and Fauji Cement Company Limited (FFC -7.61%), all closed negative territory.

Values as at 04:15