KARACHI: The Pakistan Stock Exchange (PSX) endured another volatile trading session on Tuesday, with the indices swaying both ways in search of a clear direction before finally settling flat.
Global equity markets, on the other hand, displayed positive sentiments, whereas crude oil prices continued to move north; WTI crude price increasing 0.28pc to $58.13 while Brent crude price rising 0.07pc to $60.75 (as at 3:55pm PST).
“Anticipation of better quarterly results as well as continued bull run in international crude oil prices encouraged the investors to take new positions in O&GMCs, E&P and refinery sectors, but persistent selling pressure in the banking sector dragged the index lower towards the end,” a report issued by Arif Habib Ltd read.
MARKET SUMMARY
The benchmark KSE-100 Index moved within a narrow range on Tuesday, registering its intraday high at 46,990.92 (+269.05 points) and low at 46,628.97 (-92.90 points). It settled lower by 47.10 points at 46,674.77.
Among other indices, the KMI-30 Index gained 141.43 points to end at 76,126.14, whereas the KSE All Share Index dropped 80.25 points, closing at 32,166.69.
The overall market volumes surged from 428.33 million shares in the previous session to 663.71 million shares (+55pc). Average traded value also increased by 28pc, from $139.2 million to $178.1 million. Telecard Ltd (TELE +20.45pc), Pakistan Refinery Ltd (PRL +1.79pc) and Hascol Petroleum Ltd (HASCOL +4.90pc) led the volume chart, exchanging 62.85 million, 43.18 million and 39.68 million shares, respectively.
Sectors that dragged the benchmark index lower included banking (-91.88 points), pharmaceutical (24.77 points) and textile composite (-22.33 points). Among the companies, banking players United Bank Ltd (UBL -35.53 points), Habib Bank Ltd (HBL -30.81 points) and MCB Bank Ltd (MCB -28.28 points) dented the index the most.
Shedding 1.28pc from its cumulative market capitalization, the pharmaceutical sector ended as the session’s worst performer, with Abbot Laboratories (Pakistan) Ltd (ABOT -1.04pc), The Searle Company Ltd (SEARL -1.18pc) and GlaxoSmithKline Consumer Healthcare Ltd (GSKCH -2.64pc) closing in the negative.
Meanwhile, Pakistan International Bulk Terminal Ltd (PIBTL -0.54pc) announced its financial performance for the second quarter of FY21. The company’s sales increased 26.19pc YoY, which pushed the gross profit up 25.78pc. Earnings per share appreciated from Rs0.22 in 2QFY20 to Rs0.45.
