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DAILY MARKET WRAP
Meltdown at PSX!
The Pakistan Stock Exchange (PSX) witnessed a meltdown on Tuesday. Indices slipped lower and lower all day long with the benchmark KSE 100 index suffering a day-to-day drop of 4.34% intraday. Analysts point to the prevailing political uncertainty as a major factor instilling fear among investors and triggering a retreat. Furthermore, the market was in the midst of an essential correction period.
Global equity markets showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.29% to $73.35. While Brent crude oil price was down by 0.14% to $78.69. (As at 3:45 PM PST, Source: Investing.com).
The benchmark KSE 100 index lost its foothold on the 60,0000-mark as it plunged to day’s low of 59,026.81 with a loss of 2,678.28 pts. It settled lower by 2,534.12 pts or 4.11% at 59,170.98. The KMI 30 index shed 4,698.57 pts ending the session at 98,924.09. While the KSE All share index was down by 1,563.22 pts to close the day at 39,718.77.
Investor activity exhibited minimal variation, transitioning from 668.53 mn shares in the previous session to 670.62 mn shares. Top contributors to the volume chart were K-Electric Limited (KEL -14.29%), Worldcall Telecom Limited (WTL -11.69%) and The Bank of Punjab Limited (BOP -13.73%). The scrips had 97.36 mn shares, 72.52 mn shares and 41.01 mn shares exchanged, respectively.
Sectors casting a bearish shadow on the benchmark KSE 100 index comprised of Oil and Gas Exploration sector (-508.87 pts), Banking sector (-386.15 pts) and Power Generation and Distribution sector (-271.96 pts). Company-wise, top negative contributors included The Hub Power Company Limited (HUBC -187.96 pts), Pakistan Petroleum Limited (PPL -179.08 pts) and Oil and Gas Development Company Limited (OGDC -166.71 pts).
The Refinery sector lost 8.51% in its cumulative market capitalization. Attock Refinery Limited (ATRL -7.32%), National Refinery Limited (NRL -7.50%), Cynergyico PK Limited (CNERGY -11.43%) and Pakistan Refinery Limited (PRL -7.50%), all closed in red.
Values as at 04:14 PM