KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a tug of war between bulls and bears on Tuesday, with the indices swaying in both directions before landing in the green.
Global equity markets also showed a positive trend, whereas crude oil prices moved further north from the previous close; WTI crude price increasing 1.20pc to $39.70 while Brent crude price rising 1.16pc to $41.77.
“After the initial buying trend, selling pressure resumed at the exchange that caused the index to plunge over 500 points. Although international oil prices saw a rebound of approximately 5pc, local exploration & production stocks failed to reflect the same during the session. Cement sector saw active buying activity by the end, helping the index close in the green,” said a report issued by AHL Ltd.
MARKET SUMMARY
The benchmark KSE-100 Index remained volatile throughout the day, recording its intraday low at 38,568.95 (-503.52 points) and intraday high at 39,349.29 (+276.82 points). It settled higher by 55.01 points at 39,127.48.
Among other indices, the KMI-30 Index appreciated 178.95 points or 0.29pc to close at 61,966.40, while the KSE All Share Index added 61.72 points, ending at 27,856.42.
The overall market volumes fell from 409.94 million shares in the previous session to 400.95 million shares (-1pc). Average traded value also declined by 2pc, from $76.7 million to $75.3 million. Hascol Petroleum Ltd (HASCOL -1.37pc), Unity Foods Ltd (UNITY +6.65pc) and TRG Pakistan Ltd (TRG +0.19pc) led the volume chart, exchanging 78.20 million, 36.81 million and 29.39 million shares, respectively.
Sectors that helped the benchmark index close in green included cement (+18.39 points), insurance (+14.62 points) and oil & gas marketing (+9.00 points). Among the companies, Bank AlFalah Ltd (BAFL +12.55), Engro Corporation Ltd (ENGRO +11.30 points) and National Bank of Pakistan (NBP +10.88 points) remained the top contributors.
Adding 2.92pc to its cumulative market capitalization, the refinery sector emerged as the session’s top performer, with National Refinery Ltd (NRL +3.89pc), Pakistan Refinery Ltd (PRL +5.54pc), Byco Petroleum Pakistan Ltd (BYCO +2.00pc) and Attock Refinery Ltd (ATRL +4.06pc) posting decent gains.
In a notification to the exchange, Fauji Fertilizer Bin Qasim Ltd (FFBL -2.16pc) announced 38.25pc right shares at Rs14 per share to reduce current debt levels, manage working capital and to support subsidiaries.
Meanwhile, the Board of Directors of K-Electric Limited (KEL +2.13pc) approved Rs9.5 billion for rain mitigation measures, over and above the budgeted investment of Rs24.40 billion for upgradation of infrastructure and advancement of distribution network.
