KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a volatile session on Tuesday, with the benchmark KSE-100 Index failing to capitalise on early gains but managing to close slightly positive.
“The stock market posted decent gains in early trade owing to the performance of crude oil in the international market. As a result, E&P and OMCs remained in the limelight but profit booking near yesterday’s levels caused OGDC and PPL to settle low,” said an analyst at Arif Habib Ltd. “Cement and fertilizer sectors weakened further, while banks also contributed negatively to the index.”
The KSE-100 Index gathered 469.12 points to record its intraday high at 34,385.76 during initial trading hours. However, failing to sustain the positive momentum, the index settled with a marginal gain of 76.11 points at 33,992.75.
Among other indices, the KMI-30 Index accumulated 527.03 points to end at 55,561.65, while the KSE All Share Index gained 107.81 points, closing at 24,028.11. The advancers to decliners’ ratio stood at 168 to 112.
The overall market volumes increased from 216.5 million in the previous session to 261 million (+21pc), whereas average traded value declined from $58.4 million to $57.6 million (-1pc). Hascol Petroleum Limited (HASCOL +4.55pc), Unity Foods Limited (UNITY +6.14pc) and Fauji Cement Company Limited (FCCL -0.18pc) led the volume chart, exchanging 33.83 million, 25.45 million and 17.86 million shares, respectively.
Sectors that kept the KSE-100 Index afloat included oil & gas exploration (+83.45 points), oil & gas marketing (+48.49 points) and food & personal care (13.24 points). Among the companies, Engro Corporation Limited (ENGRO +33.56 points), Pak Petroleum Limited (PPL 33.54 points) and Oil and Gas Development Company Limited (OGDC +26.66 points) remain the top contributors to the index.
The Oil and Gas Exploration sector added 1.82pc to its cumulative market capitalization, with Pak Petroleum Limited (PPL +2.49pc), Pakistan Oilfields Limited (POL +2.01pc) and Mari Petroleum Company Limited (MARI +0.72pc) accumulating decent gains.
Meanwhile, in a notification to the exchange, Attock Refinery Limited (ATRL +1.43pc) announced that it has increased refinery production in view of improvement in petroleum offtake. Currently, the refinery is operating at about 67pc of its capacity.
