DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to lose momentum on Tuesday. Indices slipped lower and lower for most part of the day while volume appreciated compared to previous session. As per analysts, rising security concerns with regards to the attack in Balochistan was deemed the primary cause for the decline.

Global equity markets exhibited positive trend. Crude oil prices moved south, with WTI crude oil prices falling by 0.54% to $77.00. While Brent crude oil price went down by 0.61% to $79.87 (As at 3:45 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index gathered 286.56 pts, reaching intraday high of 78,857.62. It then lost 493.23 pts, slipping to day’s low of 78,077.83. The index closed the session lower by 486.82 pts at 78,084.24. The KMI 30 index fell by 666.81 pts to end the day at 123,888.38. While the KSE All share index depreciated by 271.94 pts to end the session at 50,326.53.

Investor activity went up from 508.85 mn shares in the prior session to 591.36 mn shares. Toppers of the volume chart were, Kohinoor Spinning Mills Limited (KOSM +9.98%), Worldcall Telecom Limited (WTL -1.56%) and Cynergyico PK Limited (CNERGY +5.01%). The scrips had 74.33 mn shares, 47.38 mn shares and 43.91 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Fertilizer sector (-173.33 pts), Banking sector (-89.36 pts) and Power Generation and Distribution sector (-75.85 pts). Company-wise, Fauji Fertilizer Company Limited (FFC -69.22 pts), Engro Corporation Limited (ENGRO -64.68 pts) and Millat Tractors Limited (MTL -56.34 pts), were top negative contributors.

The Power Generation and Distribution sector lost 1.15% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -1.42%), K-Electric Limited (KEL -4.00%), Kot Addu Power Company Limited (KAPCO -0.03%) and Pakgen Power Limited (PKGP -1.72%), all closed in red.

Values as at 04:15 PM