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DAILY MARKET WRAP
Bloodbath at PSX!
A dark spell was cast over the Pakistan Stock Exchange (PSX) on Tuesday. Indices slipped lower and lower all day long after an initial rise while volumes fell from last close. As per analysts, lack of certainty on political front along with the possibility of dissolution of assemblies drove the market south.
Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.59% to $80.64. While Brent crude oil price was down by 1.61% to $83.97. (As at 3:59 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.4818 (0.17%) against the US Dollar on DoD basis ending the session at PKR 287.9114/US$.
Clenching 29.21 pts, the benchmark KSE 100 index recorded day’s high of 48,415.46. Losing its hold on the 48,000 mark, the index slipped to day’s low of 47,335.32 (falling by 1,050.93 pts). It settled lower by 956.42 pts at 47,429.83. The KMI 30 index went down by 1,825.45 pts ending at 79,568.08. While the KSE All share index dropped 664.21 pts closing at 31,552.72.
Overall market volume decreased from 380.63 mn shares in the previous session to 335.21 mn shares. Toppers of the volume chart were Cynergyico PK Limited (CNERGY 8.68%), Oil and Gas Development Company Limited (OGDC 7.31%), K-Electric Limited (KEL 5.83%). The scrips had 28.27 mn shares, 27.76 mn shares and 24.62 mn shares exchanged, respectively.
Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (2678.45 pts), Banking sector (162.85 pts) and Cement sector (90.92 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 141.29 pts), Pakistan Petroleum Limited (PPL 99.47 pts) and Habib Bank Limited (HBL 56.55 pts), were top negative contributors.
The Oil and Gas Exploration sector lost 4.27% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 7.50%), Mari Petroleum Company Limited (MARI 1.50%), Pakistan Petroleum Limited (PPL 7.30%) and Pakistan Oilfields Limited (POL 1.09%), all closed in red.
Values as at 04:11 PM PST