DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday. Indices experienced a rapid decline in momentum and the benchmark KSE 100 index plummeted by over 2,000 points in a single session. Market volumes also experienced a downturn compared to previous close.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.01% to $72.83. While Brent crude oil price was up by 0.10% at $78.03. (As at 3:53 PM PST, Source: Investing.com).

Losing 2,843.89 pts, the benchmark KSE 100 index slipped to day’s low of 62,360.78. It settled lower by 2,371.64 pts or 3.64% at 62,833.03. The KMI 30 index shed 3,966.57 pts settling at 105,879.29. While the KSE All share index plunged by 1,676.30 pts concluding the session at 41,967.54.

Market volume contracted from 1.89 bn shares in the last session to 1.51 bn shares. Out of the total scrips traded 62.75% belonged to KSE 100 scrips. K-Electric Limited (KEL -9.09%) led the volume chart with 341.07 mn shares exchanged. Followed by Worldcall Telecom Limited (WTL -10.53%) and Cynergyico PK Limited (CNERGY -15.09%). The scrips had 176.03 mn shares and 131.72 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-443.16 pts), Oil and Gas Exploration sector (-301.54 pts) and Fertilizer sector (-228.79 pts). Company-wise, MCB Bank Limited (MCB -150.84 pts), Oil and Gas Development Company Limited (OGDC -128.56 pts) and Dawood Hercules Corporation Limited (DAWH -97.28 pts), were top point snatchers.

The Oil and Gas Exploration sector lost 3.59% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -5.30%), Pakistan Petroleum Limited (PPL -3.60%), Mari Petroleum Company Limited (MARI -2.48%) and Pakistan Oilfields Limited (POL -2.32%), all closed in red.

Values as at 04:14 PM