DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced significant fluctuations on Tuesday. Indices oscillated between gains and losses throughout the trading session. Despite increased trading volumes compared to the previous day, the market ultimately closed in negative territory.

Global equity markets exhibited mixed trends, while crude oil prices moved south, with WTI crude oil price falling by 0.22% to $79.88. While Brent crude oil price depreciated by 0.27% to $82.08 (As at 3:48 PM PST, Source: Investing.com).

During the session, bulls pushed the benchmark KSE 100 index to its highest point of the day at 78,275.97 gaining 295.68 pts. However, bears later took control pulling the index down to its lowest point of 77,817.33 a drop of 162.97 pts. Ultimately, the index closed lower by 102.87 pts at 77,877.42. The KMI 30 index fell by 83.10 pts ending the session at 124,543.41. While the KSE All Share index appreciated by 63.31 pts, closing at 50,023.68.

Overall, the market volume ballooned from 414.57 mn shares in the previous session to 603.76 mn shares. Kohinoor Spinning Mills Limited (KOSM +8.90%), Yousaf Weaving Mills Limited (YOUW +5.43%) and Hascol Petroleum Limited (HASCOL +4.14%) witnessed the highest market volume. The scrips had 131.91 mn shares, 89.20 mn shares and 47.80 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index south included, Fertilizer (-59.61 pts), Power Generation and Distribution (-59.48 pts) and Banking sector (-55.93 pts). The companies contributing negatively included, The Hub Power Company Limited (HUBC -59.54 pts), Fauji Fertilizer Company Limited (FFC -33.68 pts) and Millat Tractors Limited (MTL -25.56 pts).

The power Generation and Distribution sector lost 0.65% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -1.30%), Pakgen Power Limited (PKGP -0.07%), Kot Addu Power Company Limited (KAPCO -1.25%) and Nishar Power Limited (NPL -0.23%) are all closed in red.

Values as at 04:15 PM