DAILY MARKET WRAP

Volatile Session Ends Flat!

Volatility marred the Pakistan Stock Exchange (PSX) on Tuesday. Indices traded between both zones until finally closing flat while investor participation decreased from last close. Equity markets around the globe showed a negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.39% to $79.81. While Brent crude oil price was down by 0.47% to $84.06. (As at 3:52 PM PST, Source: Investing.com).

Bulls tried hard to drive the benchmark KSE 100 index early on and hit days high of 47,675.22 with an addition of 227.26 pts but failed and the index slipped to day’s low of 47,359.18 losing 88.78 pts. It settled flat by negative 30.06 pts at 47,417.90. The KMI 30 index rose by 109.90 pts ending at 80,162.27. While the KSE All share index inched up by 31.47 pts closing the session at 31,531.05.

Overall market volume fell from 211.13 mn shares in the previous session to 185.65 mn shares. Worldcall Telecom Limited (WTL +1.58%) was the volume leader with 25.82 mn shares exchanged. Followed by Nishat Power Limited (NPL -2.72%) and Oil and Gas Development Company Limited (OGDC +3.54%). The scrips had 16.04 mn shares and 13.63 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Oil and Gas Exploration sector (51.16 pts), Oil and Gas Marketing sector (7.32 pts) and Engineering sector (3.86 pts). Companies belonging to the Oil and Gas Exploration sector namely, Oil and Gas Development Company Limited (OGDC 28.17 pts), Pakistan Petroleum Limited (PPL 13.00 pts) and Mari Petroleum Company Limited (MARI 9.15 pts), dragged the index lower.

The Power Generation and Distribution sector lost 0.62% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 0.58%), K-Electric Limited (KEL 0.45%), Kot Addu Power Company Limited (KAPCO 1.03%) and Nishat Power Limited (NPL -2.73%), all closed in red.

Values as at 04:08 PM PST