DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced a bearish spell on Tuesday, with indices consistently dropping throughout the day. Trading volume rose compared to the previous session. Analysts attributed the downturn to prevailing uncertainty surrounding the upcoming elections. Furthermore, current political situation is providing the market with an opportunity to undergo necessary readjustments.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.76% to $73.34. While Brent crude oil price was up by 1.11% to $79.02. (As at 3:43 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 871.43 pts dropping to day’s low of 63,397.94. It ended the session lower by 531.91 pts at 63,737.46. The KMI 30 index shed 1,342.05 pts ending at 107,455.98. While the KSE All share index depreciated by 269.78 pts closing the day at 43,173.72.

Investor participation swelled from 381.53 mn shares in the last session to 407.15 mn shares. Dominating the volume chart was K-Electric Limited (KEL -1.03%) with 50.78 mn shares traded. Followed by Pakistan Telecommunication Company Limited (PTC +7.96%) and Worldcall Telecom Limited (WTL -1.45%). The scrips had 48.56 mn shares and 32.11 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (-170.51 pts), Power Generation and Distribution sector (-64.88 pts) and Fertilizer sector (-53.50 pts). Company-wise, Pakistan Petroleum Limited (PPL -111.09 pts), Oil and Gas Development Company Limited (OGDC -75.91 pts) and The Hub Power Company Limited (HUBC -63.01 pts), drove the index south.

The Fertilizer sector lost 0.67% in its cumulative market capitalization. Engro Corporation Limited (ENGRO -1.17%), Engro Fertilizer’s Limited (EFERT -0.70 pts), Fauji Fertilizer Company Limited (FFC -0.22%) and Fatima Fertilizer Company Limited (FATIMA -1.18%), all closed in red.

Values as at 04:07 PM