DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a topsy-turvy session on Tuesday flat. Indices swayed both ways while volumes contracted from last close. As per analysts, investors remained wary as no positive developments have yet been made regarding IMF deal. Noise on the political front also contributed to the dull trend.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.88% to $75.55. While Brent crude oil price was down by 0.77% to $85.55. (As at 3:54 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee PKR 0.6842/USD (0.24%) against the US Dollar on DoD basis ending the session at PKR 282.2896/US$.

Losing 151.03 pts the benchmark KSE 100 index recorded intraday low of 41,705.82. Recovering all losses, the index touched intraday high of 41,0953.78 (gaining 96.93 pts). It settled flat by negative 40.42 pts at 41,816.43. The KMI 30 index slipped by 260.91 pts closing at 72,267.16. While the KSE All share index fell by 95.60 pts settling at 27,369.37.

Overall market volumes declined from 289.23 mn shares in last session to 185.19 mn shares. Highest participation was witnessed in Hascol Petroleum Limited (HASCOL +3.42%) with 26.56 mn shares traded. Followed by Worldcall Telecom Limited (WTL -3.05%) and Ghani Global Holdings limited (GGL +5.46%). The scrips had 13.13 mn shares and 13.07 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index lower included Oil and Gas Exploration sector (44.88 pts), Cement sector (28.93 pts) and Chemical sector (19.37 pts). Companies that drove the index south included, Oil and Gas Development Company Limited (OGDC 24.20 pts), Pakistan Petroleum Limited (PPL 21.11 pts) and Lucky Cement Limited (LUCK 20.47 pts).

The Cement sector lost 0.97% in its cumulative market capitalization. Lucky Cement Limited (LUCK 1.60%), Bestway Cement Limited (BWCL 1.32%), Kohat Cement Company Limited (KOHC 0.52%) and Fauji Cement Company Limited (FCCL 1.17%) all closed in red.

Values as at 04:08 PM PST