KARACHI: The Pakistan Stock Exchange (PSX) succumbed to selling pressure on Tuesday, with the benchmark KSE-100 Index losing all gains accumulated in early trade to close the session flat.
Global equity markets, on the other hand, remained positive, whereas crude oil prices slipped lower from the previous close; WTI crude price fell 0.37pc to $42.73 while Brent crude oil price dipped 0.22pc to $45.27.
“The stock market remained in the green most the most part of the session, mainly on the back of a strong rally witnessed in cement and exploration & production sectors,” said a report issued by AHL Ltd. “Banks and fertiliser sectors, the latter particularly struggling to hold ground since GIDC repayment news, contributed to selling pressure later in the day.”
The benchmark KSE-100 Index started the positive note, touching its intraday high at 40,434.60 after gaining 312.10 points. It, however, failed to sustain its flight and sunk back its morning position, marking its intraday low at 40,113.29 (-10 points). The index finally settled higher by 61.51 points at 40,184.01.
Among other indices, the KMI-30 index gathered 332.69 points to end at 64,886.88, while the KSE All Share Index added 33.70 points, closing at 28,232.90.
The overall market volumes contracted from 522.61 million shares in the previous session to 458.80 million shares (-12pc). Average traded value also declined by 8pc, from $133.7 million to $123.2 million. Pakistan International Bulk Terminal Limited (PIBTL +3.73pc), Pakistan Refinery Limited (PRL +2.51pc) and DG Khan Cement Company Ltd (DGKC +5.87pc) led the volume chart, exchanging 35.58 million, 27.57 million and 26.78 million shares, respectively.
Sectors which helped the benchmark index close in green included cement (119.95 points), oil & gas exploration (21.33 points) and pharmaceutical (11.86 points). Among the companies, Lucky Cement Ltd (LUCK 32.85 points), DG Khan Cement Company (DGKC 30.63 points) and Cherat Cement Company (CHCC 23.44 pts) remained the top contributors to the index.
Adding 2.84pc to its cumulative market capitalisation, the cement sector ended the session as its top gainer, with Bestway Cement Ltd (BWCL 3.90pc), Maple Leaf Cement Factory (MLCF 2.94pc) and Fauji Cement (FCCL 2.59pc) posting decent gains.
Meanwhile, Meezan Bank Limited (MEBL -1.29pc) declared its financial performance for the second quarter of FY20. The bank’s total income appreciated by 35pc YoY, while its earnings per share improved from Rs3.27 last year to Rs4.80. MEBL’s cumulative EPS for half-year was recorded at Rs9.08, as compared to Rs5.44 last year.