DAILY MARKET WRAP (1)

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday, with indices trading in red for most part of the day. Trading volume also contracted compared to previous session. As per analysts, bearish sentiments prevailed as investors exercised caution ahead of the upcoming budget.

Global equity markets showed negative trend. Crude oil prices moved south, with WTI crude oil falling by 1.99% to $72.74. While Brent crude oil was down by 1.71% to $77.02. (As at 3:54 PM PST, Source: Investing.com).

The benchmark KSE 100 index inched up by 94.51 pts to reach day’s high of 75,669.76. It then stumbled to day’s low of 74,592.74, shedding 982.51 pts. The index settled below the 75,000 mark at 74,666.66 with a loss of 908.60 pts. The KMI 30 index contracted by 1,758.58 pts ending at 123,364.75. While the KSE All share index slipped by 573.44 pts to close the day at 48,230.95.

Investor activity went down from 441.15 mn shares in the previous session to 414.40 mn shares. Fauji Cement Company Limited (FCCL -4.86%), K-Electric Limited (KEL -2.79%) and Worldcall Telecom Limited (WTL -0.74%), dominated the volume chart. The scrips had 36.62 mn shares, 35.20 mn shares and 21.71 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index further into the red zone included, Oil and Gas Exploration sector (-206.42 pts), Technology and Communication sector (-151.49 pts) and Fertilizer sector (-112.84 pts). Company-wise, Systems Limited (SYS -107.63 pts), Mari Petroleum Company Limited (MARI -70.85 pts) and The Hub Power Company Limited (HUBC -64.09 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 2.14% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -2.01%), Pakistan Petroleum Limited (PPL -1.71%), Mari Petroleum Company Limited (MARI -3.03%) and Pakistan Oilfields Limited (POL -1.84%), all closed in red.

Values as at 04:14 PM PST