DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to move south on Tuesday. Indices traded in red for most part of the day while volume contracted compared to previous session. According to analysts, the market continued to witness selling pressure which added to the downward trend.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.54% to $81.19. While Brent crude oil was up by 0.50% to $84.72. (As at 3:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially gathered 309.12 pts, stretching to day’s high of 78,541.22. It then shed 323.12 pts to reach day’s low of 77,908.98. The index settled lower by 291.52 pts at 77,940.58. The KMI 30 index shed 54.59 pts closing the day at 126,183.21. While the KSE All share index went down by 148.90 pts to close at 49,247.06.

Investor activity dropped from 384.91 mn shares the in the last session to 291.71 mn shares. Pervez Ahmed Consultancy Services Limited (PASL +8.53%), K-Elektric Limited (KEL -1.12%) and Worldcall Telecom Limited (WTL +0.79%), dominated the volume chart. The scrips had 26.81 mn shares, 17.90 mn shares and 16.87 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index into the red zone included, Banking sector (-201.87 pts), Oil and Gas Exploration sector (-71.45 pts) and Power Generation and Distribution sector (-32.55 pts). Company-wise, MCB Bank Limited (MCB -74.32 pts), Oil and Gas Development Company Limited (OGDC -53.18 pts) and The Hub Power Company Limited (HUBC -37.16 pts), were top negative contributors.

The Banking sector lost 0.96% in its cumulative market capitalization. United Bank Limited (UBL -0.48%) MCB Bank Limited (MCB -2.28%), Standard Chartered Bank (Pak) Limited (SCBPL-2.08%) and Habib Bank Limited (HBL -0.41%), all closed in red.

Values as at 04:15 PM