DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) showed signs of recovery on Tuesday. Indices initially descended deep into negative territory, reflecting the prevailing political uncertainty. However, as the session progressed, the market transformed a portion of its losses into gains, ultimately concluding the day on a positive note.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.01% to $77.70. While Brent crude oil price was up by 1.05% to $82.86. (As at 3:56 PM PST, Source: Investing.com).

Losing 1,452.14 pts, the benchmark KSE 100 index nosedived to day’s low of 59,613.18. It then gained momentum reaching day’s high of 61,654.65 with an addition of 589.33 pts. The index closed higher by 161.61 pts at 61,226.93. The KMI 30 index, however, went south losing 203.34 pts ending the session at 101,825.81. While the KSE All share index shed 64.52 pts closing the day at 41,290.80.

Overall market volume witnessed an increase from 349.17 mn shares in the last session to 434.87 mn shares. K-Electric Limited (KEL -1.43%), Worldcall Telecom Limited (WTL +1.65%) and Pakistan Refinery Limited (PRL -1.31%) led the volume chart. The scrips had 65.82 mn shares, 30.10 mn shares and 28.60 mn shares exchanged, respectively. Out of the total scrips traded 188 advanced, 132 declined and 222 remained unchanged.

Sectors driving the benchmark KSE 100 index north included Banking sector (+171.73 pts), Fertilizer sector (+113.26 pts) and Cement sector (+40.10 pts). Company-wise, Mari Petroleum Company Limited (MARI +130.75 pts), Engro Fertilizers Limited (EFERT +76.44 pts), United Bank Limited (UBL +69.44 pts), were top points contributors.

The Fertilizer sector gained 1.45% in its overall market capitalization. Fauji Fertilizer Bin Qasim Limited (FFBL +7.52%), Engro Fertilizers Limited (EFERT +3.44 pts), Fauji Fertilizer Company Limited (FFC +0.71%) and Fatima Fertilizer Company Limited (FATIMA +0.95%), all closed in green.

Values as at 04:12 PM