DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to experience a decline in momentum on Tuesday. Market indices remained in negative territory for most part of the trading day while investor activity decreased compared to previous close. Analysts attributed the downward trend to the looming possibility of an interest rate hike in the upcoming monetary policy meeting.

Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.78% to $87.97. While Brent crude oil price was up by 0.64% to $91.22. (As at 3:52 PM PST, Source: Investing.com).

The benchmark KSE 100 index inched up by 36.99 pts during the session recording day’s high of 45,902.72. It then continued to lose momentum till it reached day’s low of 45,468.27 falling by 397.46 pts. The index settled lower by 357.34 pts at 45,508.40. The KMI 30 index witnessed a decline of 743.57 points, closing at 76,315.80. While the KSE All Share index concluded the day with a loss of 243.61 points at 30,377.14.

Overall market volumes dwindled from 211.33 mn shares in the previous session to 124.85 mn shares. Top performers in terms of traded volumes were, The Hub Power Company Limited (HUBC +0.95%), Worldcall Telecom Limited WTL -1.72%) and Treet Corporation Limited (TREET +2.69%). The scrips had 11.87 mn shares, 9.78 mn shares and 7.13 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included Oil and Gas Exploration sector (-100.71 pts), Banking sector (-61.74 pts) and Cement sector (-40.75 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -48.96 pts), MCB Bank Limited (MCB -37.08 pts) and Dawood Hercules Corporation Limited (DAWH -35.35 pts), led the index south.

The Oil and Gas Exploration sector lost 1.66% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -2.75%), Mari Petroleum Company Limited (MARI -1.32%), Pakistan Oilfields Limited (POL -0.58%) and Pakistan Petroleum Limited (PPL -1.83%), all closed in red.

Values as at 04:09 PM PST