DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced its seventh consecutive session of losses on Tuesday. Despite an initial surge, indices continued to decline throughout the day, while volume increased compared to previous session. According to analysts, investor anxiety persisted ahead of the upcoming economic survey later today and the budget announcement tomorrow.

Global equity markets showed mixed trend. Crude oil prices moved south, with WTI crude oil falling by 0.45% to $77.39. While Brent crude oil was down by 0.39% to $81.31. (As at 3:46 PM PST, Source: Investing.com).

Gaining 613.89 pts, the benchmark KSE 100 index recorded intraday high of 73,866.45. It then lost 776.51 pts and recorded day’s low of 72,476.05. The index settled at 72,589.49 with a loss of 663.07 pts. The KMI 30 index lost 1,606.87 pts to end the day at 119,399.71. While the KSE All share index slipped by 476.82 pts to close the day at 46,677.02.

Overall market volume rose from 350.56 mn shares the previous session to 371.92 mn shares. K-Elektric Limited (KEL -3.02%), Worldcall Telecom Limited (WTL -3.73%) and Pervez Ahmed Consultancy Services Limited (PASL -26.99%), were volume leaders of the session. The scrips had 45.90 mn shares, 33.25 mn shares and 29.03 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (-151.02 pts), Banking sector (-136.11 pts) and Technology and Communication sector (-110.47 pts). Company-wise, Systems Limited (SYS -76.04 pts), Meezan Bank Limited (MEBL -64.99 pts) and Mari Petroleum Company Limited (MARI -51.90 pts), were top negative contributors.

The Refinery sector lost 1.98% in its cumulative market capitalization. Attock Refinery Limited (ATRL -1.37%), Cynergyico PK Limited (CNERGY -1.96%), National Refinery Limited (NRL -0.94%) and Pakistan Refinery Limited (PRL -2.52%), all closed in red.

Values as at 04:15 PM