DAILY MARKET WRAP

Bloodbath at PSX – KSE 100 loses over 1,000 pts!

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday, marked by volatility and a retreat into negative territory. Despite fluctuating between gains and losses earlier in the day, the indices ultimately ended in the red, accompanied by reduced trading volumes compared to the previous session.

Equity markets around the world showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 1.51% to $69.64. While Brent crude oil price was down by 0.80% to $73.32. (As at 3:49 PM PST, Source: Investing.com).

The KSE-100 index briefly touched the day’s high of 117,039.18 after gaining 869.77 pts. However, it could not maintain the psychological threshold of 113,000, plummeting to a low of 113,688.55—a loss of 2,480.86 pts during the session. Ultimately, the index closed at 114,860.69 down 1,308.72 pts. Similarly, the KMI-30 index shed 3,839.81 pts closing at 179,886.86, while the KSE All-Share index fell by 1,133.59 pts to close at 72,340.04.

Trading volumes contracted to 1.25 bn shares compared to 1.47 bn shares in the previous session. Worldcall Telecom Limited (WTL) led the volume chart with 151.92 mn shares traded, despite a -2.08% decline. Pak Elektron Limited (PAEL) followed recording an 8.51% gain, while Cnergyico PK Limited (CNERGY) dropped by 0.56%. The scrips had 107.50 mn shares and 58.29 mn shares traded, respectively.

Several sectors exerted downward pressure on the KSE-100 index, with notable declines seen in the Oil & Gas Exploration sector (-966.06 pts), Fertilizer sector (-644.48 pts) and Cement sector (-371.25 pts). Key contributors to the index’s negative performance included Mari Petroleum Company Limited (MARI) which dragged it down by 703.85 pts, Fauji Fertilizer Company Limited (FFC) contributing a 489.68 pts decline and Oil and Gas Development Company Limited (OGDC) shaving off 223.43 pts.

The Fertilizer sector lost 3.26% in its cumulative market capitalization. Fuji Fertilizer Company Limited (FFC -5.11%), Engro Fertilizers Limited (EFERT -0.52%), Engro Corporation Limited (ENGRO -0.89%) and Fatima Fertilizer Company Limited (FATIMA -3.93%), all closed negative.

Values as at 04:15