DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a bumpy session on Tuesday flat. Indices initially traded in positive territory, but gradually lost momentum as the session progressed, eventually closing with minimal movement. Analysts noted that despite news of inflation dropping to single digits, it failed to spark investor enthusiasm. Profit-taking was cited as the primary reason for the flat finish.

Global equity markets exhibited mixed trend. Crude oil prices moved south, with WTI crude oil prices falling by 1.92% to $72.14. While Brent crude oil price went down by 2.57% to $75.53 (As at 3:58 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index climbed to day’s high of 78,644.96 gaining 361.66 pts. It then slipped to day’s low of 78,250.90 losing 32.40 pts. The index closed the session flat by positive 73.02 pts at 78,356.32. The KMI 30 index appreciated by 659.87 pts to close the day at 124,997.69. While the KSE All share index grew by 85.99 pts to finish the day at 50,477.04.

Investor participation decreased from 457.06 mn shares in the last session to 436.14 mn shares. Kohinoor Spinning Mills Limited (KOSM +4.41%), Symmetry Group Limited (SYM +11.12%) and Agha Steel industries Limited (AGHA +1.46%), witnessed highest market participation. The scrips had 83.94 mn shares, 37.13 mn shares and 21.57 mn shares traded, respectively.

Sectors contributing positively to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+81.25 pts), Automobile Assembler sector (+75.71 pts) and Cement sector (+46.99 pts). Company-wise, Millat Tractors Limited (MRL +80.17 pts), Mari Petroleum Company Limited (MARI +57.00 pts) and Habib Metropolitan Bank Limited (HMB +20.88 pts), led the index north.

The Oil and Gas Exploration sector gained 0.77% in its overall market capitalization. Oil and Gas Development Company Limited (OGDC +0.68%), Mari Petroleum Company Limited (MARI +1.93%) and Pakistan Oilfields Limited (POL +0.61%), all closed in green.

Values as at 04:15 PM