DAILY MARKET WRAP

A tug of war between bears and bulls took place at the Pakistan Stock Exchange (PSX) on Tuesday and bears emerged as victors. Indices swung high and low until finally closing in red while investor participation remained low.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.33% to $85.27. While Brent crude oil price was down by 0.74% to $88.34 (As at 3:56 PM PST, Source: Investing.com).

Clenching 243.25 pts, the benchmark KSE 100 index stretched to day’s high of 45,950.68. Shedding the gains, it then slipped to day’s low of 45,417.00 losing 290.43 pts. The index settled lower by 215.94 pts at 45,491.49. The KMI 30 index plunged by 425.79 pts ending at 75,849.62. While the KSE All share index contracted by 140.61 pts closing at 30,313.57.

Market volumes shrank from 138.71 mn shares in the preceding session to 121.11 mn shares. Worldcall Telecom Limited (WTL +0.00%), Maple Leaf Cement Factory Limited (MLCF +2.68%) and Pakistan Refinery Limited (PRL -0.97%) witnessed highest market participation. The scrips had 21.84 mn shares, 8.45 mn shares and 4.73 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (-71.01 pts), Banking sector (- 62.82 pts) and Power Generation and Distribution sector (-29.94 pts). Companies driving the index south consisted of Bank Al Habib Limited (BAHL -44.00 pts), Oil and Gas Development Company Limited (OGDC -33.56 pts) and Pakistan Petroleum Limited (PPL -32.76 pts).

The Banking sector lost 0.53% in its cumulative market capitalization. Meezan Bank Limited (MEBL -0.42%), United Bank Limited (UBL -0.87%), MCB Bank Limited (MCB -0.49%), Standard Chartered Bank (Pak) Limited (SCBPL -1.95%), all closed negative.

Values as at 04:08 PM PST