DAILY MARKET WRAP

PSX Breaks Winning Streak!

The Pakistan Stock Exchange (PSX) succumbed to profit taking on Tuesday after the benchmark KSE 100 index reached all-time high of 54,312.90 intraday. Despite a strong start, stock indices changed course later in the day, finishing off the session in red. Volume also lowered compared to previous session.

Equity markets around the world displayed a negative trend. Crude oil prices moved south with WTI crude oil price falling by 1s.76% to $79.40. While Brent crude oil price was down by 1.87% to $83.59. (As at 3:50 PM PST, Source: Investing.com).

Clenching 452.53 pts, the benchmark KSE 100 index climbed to day’s high of 54,312.90. Bears took the reigns as the session proceeded causing the index to lose 148.90 pts and hit day’s low of 53,711.47. The index settled lower by 124.63 pts at 53,735.73. The KMI 30 index shed 78.52 pts ending at 91,349.77. While the KSE All share index lost 87.44 pts settling at 35,811.36.

Investor participation witnessed a fall from 544.30 mn shares in the previous session to 505.34 mn shares. Cynergyico PK Limited (CNERGY +0.97%), Pakistan Refinery Limited (PRL -7.00%) and Kohinoor Spinning Mills Limited (KOSM +9.39%) recorded highest trading volumes. The scrips had 50.46 mn shares, 36.25 mn shares and 34.75 mn shares traded, respectively.

Sectors slashing gains from the benchmark KSE 100 index included Oil and Gas Exploration sector (-32.49 pts), Banking sector (-27.39 pts) and Engineering sector (-27.02 pts). Company-wise, Bank Al Habib Limited (BAHL -58.03 pts), Pakistan State Oil Company Limited (PSO -21.90 pts) and Pakistan Petroleum Limited (PPL -19.64 pts), were top negative contributors.

The Oil and Gas Marketing sector lost 1.01% in its overall market capitalization. Pakistan State Oil Company Limited (PSO -2.39%), Sui Northern Gas Pipelines Limited (SNGP -0.58%), Shell Pakistan Limited (SHEL -2.40%) and Sui Southern Gas Company Limited (SSGC -2.35%), all closed in negative.

Values as at 04:12 PM PST