DAILY MARKET WRAP

Bears carried the day at the Pakistan Stock Exchange (PSX) on Tuesday. Indices traded in red for most part of the day while volumes fell form last close. As per analysts, investors chose to retreat as SBP announced an earlier date for its monetary policy meeting in which the interest rate is expected to increase.

Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.88% to $75.55. While Brent crude oil price was up by 0.88% to $85.55. (As at 3:54 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 1.5819/USD (0.61%) against the US Dollar on DoD basis ending the session at PKR 261.5044/US$.

The benchmark KSE 100 index accumulated 25.91 pts recording intraday high of 40,810.04. It then lost 347.77 pts recording day’s low of 40,436.36. The index settled lower by 273.76 pts at 40,510.37. The KMI 30 index fell by 945.39 pts closing at 68,762.41. While the KSE All share index slipped by 187.92 pts ending at 26,679.75.

Total traded volumes decreased from 158.00 mn shares in the previous session to 126.24 mn shares. Securing first position on the volume chart for the second time in a row was Worldcall Telecom Limited (WTL -3.01%) with 18.52 mn shares traded. Followed by Oil and Gas Development Company Limited (OGDC -3.85%) and TPL Properties Limited (TPLP -2.55%). The scrips had 5.33 mn shares and 4.48 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (150.11 pts), Technology and Communication sector (95.29 pts) and Oil and Gas Marketing Companies (42.14 pts). Company-wise, Systems Limited (SYS 70.96 pts), Oil and Gas Development Company Limited (PGDC 56.40 pts) and Pakistan Petroleum Limited (PPL 50.09 pts), were top negative contributors.

The Technology and Communication sector dropped by 2.44% in its cumulative market capitalization. Systems Limited (SYS 2.88%), TRG Pakistan Limited (TRG 1.73%), Pakistan Telecommunication Company Limited (PTC 1.51%) and Avanceon Limited (AVN 1.19%), all closed in red.

Values as at 04:13 PM PST