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DAILY MARKET WRAP
Bears Take Charge of PSX!
Bears of the Pakistan Stock Exchange (PSX) overthrew the bulls on Tuesday. Indices traded in both directions while volumes rose from previous close. Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.36% to $70.74. While Brent crude oil price was up by 1.31% to $75.63. (As at 3:55 PM PST, Source: Invetsing.com).
On economic front, according to latest data released by State Bank of Pakistan (SBP), Exports contracted by 18.72% YoY, while imports fell by 46.80% in the same period. As a result, trade deficit declined by 63.32% to US$ 1,814 mn.
The benchmark KSE 100 accumulated 612.51 pts during initial hours of the session and recorded intraday high of 44,511.52. However, the gains were short lived as it later fell to day’s low of 43,488.38 (losing 410.63 pts). The index settled lower by 341.99 pts at 43,557.02. The KMI 30 index fell by 544.28 pts closing at 74,751.28. While the KSE All share index plunged by 288.82 pts ending at 29,227.40.
Overall market volumes appreciated from 381.17 mn shares in the previous session to 417.92 mn shares. Highest contributors to the volume chart were Pakistan Refinery Limited (PRL +4.94%), Cynergyico PK Limited (CNERGY -1.26%) and Worldcall Telecom (WTL -6.50%). The scrips had 44.17 mn shares, 42.36 mn shares and 26.59 mn shares exchanged, respectively.
Sectors taking points away from the benchmark KSE 100 index included, Fertilizer sector (160.69 pts), Cement sector (76.42 pts) and Chemical sector (50.39 pts). Company-wise, Engro Corporation Limited (ENGRO 64.18 pts), Engro Fertilizers Limited (EFERT 59.52 pts) and Lucky Cement Limited (LUCK 44.16 pts), drove the index south.
The Textile Composite sector went down by 2.73% in its cumulative market capitalization. Interloop Limited (ILP 2.90%), Sapphire Textile Mills Limited (SAPT 0.14%), Nishat Mills Limited (NML 3.33%) and Kohinoor Textile Mills Limited (KTML 0.72%), all closed negative.
Values as at 04:09 PM PST