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PSX settles flat at 34803.6 points

PSX settles flat at 34803.6 points

KARACHI: The Pakistan Stock Exchange (PSX) swung between red and green on June 9, finally settling at 34,803.60 points by the end of the trading session, up 54.03 points from Monday.

Losing -61.45 points the KSE 100 index fell to its intraday low of 34,688.12. It then managed to recover its losses and touched its intraday high of 34,855.39 after gathering +105.82 points and finally settled at 34,803.60 points.

The KMI 30 index lost 6.17 points closing at 55,791.14 points. The KSE All share index added 0.35 points ending at 24,852.30 points. Out of total scrips traded 167 advanced and 132 declined.

Overall market volumes surged from 222.14 million shares traded on Monday to 238.21 million shares traded on Tuesday, June 9.

Lotte Chemical Pakistan Limited (LOTCHEM +7.48 percent), Jahanghir Siddiqui and Company Limited (JSCL +2.88 percent) and Pakistan Refinery Limited Right Shares (PRL1 -14.81 percent) were volume leaders of the day.

Sectors that added most points to the KSE 100 index included the banking sector (+61.28 points), cement sector (+19.76 points) and the pharmaceutical sector (+15.95 points). United Bank Limited (UBL +31.99 percent) Lucky Cement Limited (LUCK +29.24 points) and Dawood Hercules Corporation Limited (DAWH +15.14 points) were top point contributors during the session.

The Oil and Gas Exploration sector lost -0.64 percent from its cumulative market capitalization. Mari Petroleum Company Limited (MARI -0.81 percent), Pakistan Oilfields Limited (POL -0.86 percent), Oil and Gas Development Company Limited (OGDC -0.03 percent) and Pak Petroleum Limited (PPL -1.61 percent) all closed in red.

Global equity markets showed mixed performance. Global crude prices headed south from the previous close with WTI Crude Oil prices down by -2.41 percent to $37.30 while Brent Crude Oil price declined -1.69 percent to $40.11.

On the economic front, the latest report published by the World Bank (WB) said that Pakistan’s economy would perform even worse than what previous estimates had warned about due to the COVID fallout. The WB forecasts a negative Gross Domestic Product (GDP) growth of -2.6 percent for the current fiscal year and -0.2 percent for the next year.