KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile session on Tuesday, with the benchmark index losing all gains accumulated in early trade to close in the red.
Global equity markets displayed a mixed performance, whereas crude oil prices also moved south; WTI crude price fell 1.37pc to $40.45, while Brent crude oil price declined 1.36pc to $43.55.
“The stock market opened on a positive note today, as the benchmark index stormed past the 40,000-mark amid soaring volumes. The rally, however, turned to be short-lived, with the index succumbing to profit-booking later in the day,” said a report issued by AHL Ltd. “Selling activity was mainly observed in cement, exploration & production, refinery, oil & gas marketing and chemical sectors; however, banking sector stocks largely remained unharmed.”
The KSE-100 Index gathered 459.10 points soon after the commencement of the session, touching its intraday high at 40,330. However, failing to hold on to gains, it slipped to its intraday low at 39,528.86 (-342.75 points). The index finally settled lower by 293.99 points at 39,577.62.
Among other indices, the KMI-30 Index lost 1,125.03 points to close at 62,837.95, while the KSE All Share Index dropped 240.34 points, ending at 27,655.81.
The overall market volumes jumped 10pc on a daily basis, from 539.32 million shares on Monday to 593.97 million shares (highest of the year). Average traded value also increased by 3pc, from $154.2 million to $158.5 million.
TRG Pakistan Ltd (TRG -6.19pc), Power Cement Ltd (POWER +6.46pc) and Pak Elektron Ltd (PAEL +0.18pc) led the volume chart, exchanging 45.62 million, 42.78 million and 41.72 million shares, respectively.
Sectors that drove the index south included cement (-97.39 points), oil & gas exploration (-51.10 points) and technology (-49.89 points). Among the companies, Lucky Cement Ltd (LUCK 48.76 points), TRG Pakistan Ltd (TRG 32.86 points) and Oil & Gas Development Company Ltd (OGDC 31.50 points) dented the index the most.
Shedding 4.79pc from its cumulative market capitalisation, the refinery sector turned out to be the session’s top loser, with Byco Petroleum (BYCO 3.30pc), National Refinery Ltd (NRL 6.51pc), Attock Refinery (ATRL 7.06pc) and Pakistan Refinery Ltd (PRL 4.49pc) ending in the red.
Meanwhile, the PSX has, through a notice, invited bids for the purchase of 843,975 shares of LSE Financial Services Limited. The sale proceeds will be used to settle approved claims.