Daily Times

PSX lost nearly 417 points on Tuesday and settled at 37,795 level, as the indices lost steam following the Supreme Court’s decision to suspend the Chief of Army Staff’s extension notification.

The KSE 100 Index recorded its intraday high at 38,568.05 during the initial trading hours but failed to sustain gains and headed south thereon, marking its intraday low at 37,535.89. It settled lower by 417.23 points at 37,795.05. The KMI-30 Index fell by 634.89 points to end at 61,220.80, while the KSE All Share Index contracted by 257.15 points, settling at 26,805.46.All Share Volume increased by 247.17 Million to 488.70 Million Shares. Market Cap decreased by Rs.70.10 Billion.

The Index traded in a range of 1032.16 points or 2.70 percent of previous close, showing an intraday high of 38,568.05 and a low of 37,535.89.The overall trading volumes were recorded at 488.70 million -highest since May 24, 2017.

Sectors that plucked the points off the index included oil and gas exploration by 101.42 points, banking 95.34 points and power generation & distribution 92.35 points. Among other companies, Hub Power Company Limited dented the index by 74.26 points followed by Oil and Gas Development Company Limited by 61.27 points and MCB Bank Limited by 44.82 points.

Sectors propping up the index were Fertilizer with 19 points, Insurance with 15 points, and Engineering with 12 points, Cable & Electrical Goods with 4 points and Paper & Board with 3 points.

Unity Foods Limited led the volume chart, followed by Fauji Foods Limited and Pak Elektron Limited. The scripts had exchanged 58.08 million, 33.93 million and 29.63 million shares, respectively. Meanwhile, Permanent Representative of Pakistan to the United Nations in Geneva, Ambassador Khalil Hashmi has been elected as president of the 11th session of the Commission on Trade and Development. The commission is one of the key constituents of the UN Conference on Trade and Development (UNCTAD) based in Geneva, a message received here from the Embassy of Pakistan in Paris, France on Monday said.

The Commission is an important UN platform to discuss key trade and development issues.

Pakistan’s presidency provides an opportunity to share its experiences as well as to benefit from best practices that advance trade and development goals of the country.

In Asia

Stock markets are traded mixed, and mostly rose on Tuesday following record finishes overnight on Wall Street. Hong Kong-listed shares of Chinese tech behemoth Alibaba also popped on their debut, becoming the world’s largest listing so far in 2019.

Chief trade negotiators from Washington and Beijing held another phone call on Tuesday morning to discuss core issues. Liu He, China’s top negotiator on trade, spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Markets have been watching for developments and details surrounding an anticipated phase one trade deal that has so far remained elusive ahead of Dec. 15, when additional tariffs on Chinese exports to the US are set to go into effect.

Tokyo’s Nikkei 225 gained 0.35% to close 80 points higher while Shanghai Composite was flat to clock at 0.03% higher. Seoul’s KOSPI also gained 0.10% to close at 2121.35 points. The Hang Seng index lost a 0.29%, despite 6.6% surge in Hong Kong listed Alibaba share after yesterday’s initial public offering.

Oil prices were mixed during Asian trading hours, with international benchmark Brent crude futures largely flat at $63.66 per barrel. US crude futures on the other hand, shed 0.1% to $57.95 per barrel.