DAILY MARKET WRAP

Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) on Tuesday. Indices swung high and low until finally closing in red while trading volumes saw a notable uptick compared to prior session. Analysts point to the absence of new market-moving developments as the reason behind downward trend.

Equity markets worldwide displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.79% to $88.97. While Brent crude oil price was down by 0.77% to $91.97. (As at 3:55 PM PST, Source: Investing.com).

The benchmark KSE 100 index clenched 110.14 pts during the day recording day’s high of 46,503.82. Shedding the minor gains, it then fell to day’s low of 46,258.96 losing 134.72 pts. The index settled lower by 116.02 pts at 46,277.66. The KMI 30 index dropped 317.61 pts closing at 77,820.13. While the KSE All share index inched up by 41.69 pts settling at 31,124.50.

Market volumes appreciated from 195.32 mn shares in the last session to 258.87 mn shares. Highest contributors to the volume chart were Pakistan International Airlines Corporation Limited (PIAA +2.97%), Worldcall Telecom Limited (WTL +1.77%) and K-Electric Limited (KEL +2.62%). The scrips had 34.48 mn shares, 26.12 mn shares and 11.09 mn shares exchanged, respectively.

Sectors pushing the benchmark KSE 100 index into the red zone included, Oil and Gas Exploration sector (-55.49 pts), Technology and Communication sector (-29.82 pts) and Fertilizer sector (-27.98 pts). Company-wise, Habib Bank Limited (HBL -50.43 pts), Pakistan Petroleum Limited (PPL -34.90 pts) and Meezan Bank Limited (MEBL -21.43 pts), dragged the index downwards.

The Oil and Gas Exploration sector lost 0.67% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -0.67%), Mari Petroleum Company Limited (MARI -0.54%) and Pakistan Petroleum Limited (PPL -1.62%) all closed in red.

Values as at 04:11 PM PST