DAILY MARKET WRAP

Bearish trend persisted at the Pakistan Stock Exchange (PSX) on Tuesday, with indices fluctuating between positive and negative territories before ultimately closing in the red. Trading volumes witnessed a decline compared to the preceding session. As per analysts, escalating political uncertainty kept investors on the sidelines.

Worldwide equity markets displayed positive trend. Crude oil prices also moved north with WTI crude oil price rising by 1.91% to $72.12. While Brent crude oil price was up by 1.87% to $77.54. (As at 3:47 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index oscillated between intraday high of 64,786.35 (gaining 549.33 pts) and intraday low of 63,878.22 (losing 358.81 pts). It closed the session flat by negative 66.45 pts at 64,170.58. The KMI 30 index lost 122.29 pts ending at 108,248.02. The KSE All share index on the other hand, rose by 18.28 pts ending at 43,134.62.

Overall market volume reduced from 483.87 mn shares in the last session to 447.78 mn shares. K-Electric Limited (KEL -2.54%) topped the volume chart with 113.95 mn shares exchanged. Followed by Hascol Petroleum Limited (HASCOL +5.96%) and Pakistan International Airlines Corp (PIAA +7.54%). The scrips had 36.11 mn shares and 19.81 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Technology and Communication sector (-39.33 pts), Cement sector (-24.27 pts) and Oil and Gas Exploration sector (-21.47 pts). Company-wise, Systems Limited (SYS -20.92 pts), Pakistan Services Limited (PSEL -20.74 pts) and Meezan Bank Limited (MEBL -18.93 pts), dragged the index lower.

The Cement sector lost 0.46% in its cumulative market capitalization. Lucky Cement Limited (LUCK -0.58%), Kohat Cement Company Limited (KOHC -8.30%), Fauji Cement Company Limited (FCCL -1.29%) and Maple Leaf Cement Factory Limited (MLCF -1.15%), all closed in red.

Values as at 04:10 PM