- Mixture of upside and downside pressures keep market oscillating in red and green zones
After two sessions in the green, the Pakistan Stock Exchange (PSX) once again posted a loss as the benchmark KSE-100 index declined 0.42% in a rollercoaster session.
A mixture of buying and selling pressures kept the index oscillating between red and green zones. As a result, the KSE-100 index fell 185.34 points or 0.42% to close at 43,436.48 points.
The session kicked off with a spike and the market witnessed modest buying activity till noon, driven by strong investor sentiment. After mid-day, the KSE-100 index saw fresh selling pressure which dragged it lower. The decline steeped in the final hours and made the equity market close with losses.
Automobile and oil sectors bore the brunt of weak investor sentiment and closed in the red while cement, banks and fertiliser segments closed mixed.
A report from Capital Stake stated that “failing to sustain the gains made during the day, the PSX ended the session on Tuesday in the red.”
Indices moved south for the most part of the session while volumes declined from previous close, the report pointed out.
A report from Topline Securities cited that equities had a mixed day on Tuesday.
Initially, market carried forward recent bullish momentum and made an intraday high at 43,888 (+266 points; up 0.61%), however, profit taking kicked off which dragged market to intraday low at 43,380 (-242 points; down 0.55%) before eventually settled at 43,437 points, the report said.
On economic front, the government decided to raise petrol prices by Rs6.72 from Rs227.19 to Rs233.91 for last days of August.
Base price surged by Rs5.54 to Rs197.39 (84% of total cost). Retailer & Freight Cost increased by Rs1.18 to Rs16.52. Petroleum Levy remained constant at Rs20.
Furthermore, Pakistani rupee appreciated Rs0.08 (0.04%) against the US dollar on a day-on-day basis, ending the day at Rs213.9.
Sectors pulling the benchmark KSE-100 index lower included miscellaneous (58.08 points), technology and communication (52.17 points) and refinery (26.74 points).
Volume on the all-share index reduced to 518.1 million from 541.55 million on Monday. Similarly, the value of shares traded marginally declined to Rs16.2 billion from Rs16.8 billion recorded in the previous session.
Cnergyico PK was the volume leader with 44.6 million shares, followed by Fauji Foods with 38 million shares, and Unity Foods with 32.9 million shares.
Shares of 360 companies were traded on Tuesday, of which 134 registered an increase, 208 recorded a fall, and 18 remained unchanged.