DAILY MARKET WRAP

Volatility marred the Pakistan Stock Exchange (PSX) on Tuesday. Indices slipped lower and lower for most part of the day until finally closing flat, while volumes continued to fall.

Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.43% to $85.86. While Brent crude oil price was up by 0.47% to $90.25. (As at 3:59 PM PST, Source: Investing.com).

Clenching 51.09 pts, the benchmark KSE 100 index reached day’s high of 51,121.92. Bears then took over pushing the index to day’s low of 50,624.38 (down by 446.45 pts). The index managed to recover somewhat and settled flat with a loss of 42.89 pts at 51,027.94. The KMI 30 index fell by 205.47 pts closing at 86,514.86. While the KSE All share index was down by 47.97 pts ending at 33,871.01.

Market volume shrank from 363.33 mn shares in the last session to 321.32 mn shares. Top contributors to the volume chart were, Pakistan Refinery Limited (PRL +2.64%), Fauji Foods Limited (FFL +3.72%) and Bank Islami Pakistan Limited (BIPL +7.51%). The scrips had, 33.49 mn shares, 29.02 mn shares and 15.52 mn shares exchanged, respectively.

The benchmark KSE 100 index experienced a drop primarily in the Oil and Gas Exploration sector (-76.26 pts), Fertilizer sector (-32.86 pts) and Cement sector (-12.48 pts). Company-wise, Pakistan Petroleum Limited (PPL -49.79 pts), Engro Corporation Limited (ENGRO -33.12 pts) and Oil and Gas Development Company Limited (OGDC -27.51 pts) drove the index south.

The Oil and Gas Exploration sector lost 1.17% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -1.40%), Pakistan Petroleum Limited (PPL -2.93%) and Pakistan Oilfields Limited (POL -0.05%), all closed in red.

Values as at 04:12 PM PST