DAILY MARKET WRAP

Bloodshed Continues at PSX!

The Pakistan Stock Exchange (PSX) continued to witness bloodshed on Tuesday, reflecting a bearish sentiment in the market. The index faced consistent selling pressure throughout the session, with fluctuations indicating brief recoveries that failed to hold momentum. Trading volumes remained active, but the overall trajectory highlighted a challenging day for investors, closing lower than the previous session.

Source: stockintel.com

Global equity markets showed varied performance. Crude oil prices saw an upward trend, with WTI crude oil increasing by 0.59%, reaching $73.60, while Brent crude oil rose by 0.53%, settling at $76.71. (As at 3:54 PM PST, Source: Investing.com).

During the session, the KSE-100 Index experienced a sharp drop, shedding 1,489.96 pts to close at 112,030.36. The index briefly touched an intraday high of 113,644.72 by 124.39 pts but faced a major reversal, reaching a low of 2,085.37 pts at 111,434.95. Similarly, the KMI-30 Index witnessed a steep decline of over 3,040 pts, settling at 167,805.06. The KSE All Share Index followed the downward trend, losing 794.86 pts to close at 69,179.42.

The total traded volume went up from 492.22 mn shares in the last session to 516.19 mn shares. Worldcall Telecom Limited (WTL -2.31%), Sui Southern Gas Company Limited (SSGC -3.52%) and Cnergyico PK Limited (CNERGY -2.77%), were volume leaders of the session. The scrips had 67.92 mn shares, 29.45 mn shares and 28.43 mn shares traded, respectively.

The sectors contributing negatively to the benchmark KSE 100 index included the Fertilizer sector (-337.67 pts), the Oil and Gas Exploration sector (-322.63 pts) and the Technology and Communication sector (-152.20 pts). On the company level, Fauji Fertilizer Company Limited (FFC -304.20 pts), Engro Holdings Limited (ENGROH -145.84 pts) and Systems Limited (SYS -136.83 pts) played a significant role in driving loss on the index.

The Technology and Communication sector lost 2.05% in its cumulative market capitalization. Systems Limited (SYS -4.02%), Pakistan Telecommunication Company Limited (PTC -1.92%), TRG Pakistan Limited (TRG -0.84%) and Avanceon Limited (AVN -1.86%), all closed in red.

Values as at 04:15