PSX ends flat despite early gains

KARACHI: The Pakistan Stock Exchange (PSX) started the trading session on Tuesday on a positive note but failed to hold its ground and ended the day flat. Indices that opened positive soon took a U-turn and continued to move in the negative trajectory thereon.

According to Bloomberg, foreign investors bought $6.9 million shares on Monday; the second biggest single-day purchase this year.

News of Pakistan retaining its upgraded status in Morgan and Stanley Capital International (MSCI) Emerging Market Index remained unsuccessful in creating optimism in the market.

Meanwhile, the Federal Cabinet, in a meeting chaired by Prime Minister Imran Khan, has approved the tax amnesty scheme.

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Asian markets continued a global sell-off on Tuesday following hefty losses on Wall Street as China announced it will raise tariffs on $60 billion of US goods beginning June 1, further escalating the trade war between two of the world’s supreme economies.

Gathering 166.89 points, the KSE-100 index benchmark touched its intraday high of 34,067.27 in the initial hours. The index then rebounded to reach its day’s low of 33,691.66, down by 208.72 points. It finally settled 15.29 points lower at 33,885.09. The KMI 30 index gained 69.81 points to end at 52,837.79, while the KSE All Share index fell short by 31.43 points, settling at 15,839.29.

The overall market volumes declined from 121.21 million in the preceding session to 105.71 million. K-Electric Limited (KEL -1.51pc), Unity Foods Limited (UNITY -8.84pc) and Maple Leaf Cement Factory Limited (MLCF -4.98pc) were the top picks of the day. The scripts had traded 7.09 million shares, 7.09 million shares and 5.37 million shares respectively.

The oil and gas exploration sector (+1.96pc), food and personal care products sector (+1.77pc) and modaraba sector (+1.67pc) remained the top gainers on Tuesday, whereas sugar and allied industries sector (-10.53pc), textile weaving sector (-6.37pc) and vanaspati and allied industries sector (-6.00pc) ended as losers.

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