DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to shed blood on Tuesday. Indices initially showed optimism as the State Bank’s decision to keep the policy rate steady alleviated investor concerns. However, sudden escalation in political tensions reversed the market's positive momentum in second half, eventually closing in red.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.33% to $77.03. While Brent crude oil price was up by 0.13% to $81.94. (As at 3:57 PM PST, Source: Investing.com).

The benchmark KSE 100 oscillated between intraday high of 63,074.51 (gaining 300.79 pts) and intraday low of 61,637.62 (losing 1,136.10 pts). It settled lower by 931.98 pts at 61,841.74. The KMI 30 index slid by 2,046.92 pts ending the session at 103,546.72. While the KSE All share index dropped by 768.33 pts concluding the session at 41,909.12.

Overall market volume inched up from 316.98 mn shares in the last session to 435.76 mn shares. Out of the total scrips traded, 53.64% belonged to KSE 100 scrips. Highest volumes were witnessed in K-Electric Limited (KEL -4.12%), Worldcall Telecom Limited (WTL -1.60%) and Hascol Petroleum Limited (HASCOL +1.93%). The scrips had 52.90 mn shares, 29.22 mn shares and 24.69 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-155.19 pts), Fertilizer sector (-137.57 pts) and Oil and Gas Exploration sector (-118.18 pts). Companies contributing negatively to the index were, Colgate Palmolive (Pakistan) Limited (COLG -80.57 pts), Meezan Bank Limited (MEBL -78.75 pts) and Engro Corporation Limited (ENGRO -75.47 pts).

The Refinery sector lost 1.83% in its cumulative market capitalization. Attock Refinery Limited (ATRL 3.96%), Cynergyico PK Limited (CNERGY -3.63%), National Refinery Limited (NRL -7.18%) and Pakistan Refinery Limited (PRL -7.50%), all closed in red.

Values as at 04:14 PM