Stocks end flat in volatile session

Selling pressure observed in banking, cement, steel and fertiliser stocks

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KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile session on Tuesday, as the benchmark index swung both ways in search of a clear direction before ending marginally positive. 

Global equity markets, on the other hand, displayed a positive trend, with crude oil prices also moving north; WTI crude oil price appreciated 2.89pc to $44.53 while Brent crude oil price rose 2.81pc to $42.07.

“The benchmark index started the day with a 100-point jump, mainly on the back of buying activity in cement and exploration & production sectors. However, selling pressure in banks, cement, fertilizer and steel brought the index down later,” said a report issued by AHL Ltd. “The index again rebounded towards the end, with buying interest in Hub Power Company, and closed in the green.” 

The KSE-100 Index witnessed a volatile session on Tuesday, recording its intraday low at 37,368.52 (-282.05 points) and intraday high at 37,938.87 (+288.30 points). It settled flat (+49.74 points) at 37,700.31.

Among other indices, the KMI-30 Index dropped 216.24 points to close at 60,579.29, while the KSE All Share Index lost 40.58 points, ending at 26,845.38.

The overall market volumes contracted from 553.71 million shares in the previous session to 457.13 million shares (-17pc). Average traded value, however, remained the same at $116 million. TRG Pakistan Limited (TRG +0.13pc), Hascol Petroleum Limited (HASCOL -1.93pc) and Hum Network Limited (HUMNL +9.79pc) led the volume chart, exchanging 28.64 million, 25.93 million and 17.50 million shares, respectively.

Sectors that rescued the benchmark index from the red zone included power generation & distribution (+71.55 points), fertilizer (+22.68 points) and oil & gas marketing (+12.40 points). Among the companies, Hub Power Company Limited (HUBC +64.19 points), Engro Corporation Limited (ENGRO +22.86 points) and Habib Bank Limited (HBL +14.97 points) remained the top contributors.

Adding 2.13pc to its cumulative market capitalization, the power generation & distribution sector emerged as the session’s top gainer, with Hub Power Company (HUBC +6.04pc), Kot Addu Power Company (KAPCO +7.50pc) and Nishat Power Limited (NPL +4.42pc) accumulating decent gains.

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