KARACHI - Pakistan Stock Exchange (PSX) observed a volatile session throughout the day on Tuesday. The KSE 100-share index, after making an intra-day high of 232 points and intra-day low of 28 points, closed at 41,049 points, 18 points positive.

This volatility in the market was likely on the back of investor skepticism regarding ongoing political scenario in the country, brokers said.

Material information was released by POL regarding new discovery of hydrocarbons at Makori East-06. The Drill Stem Test (DST) tested potential of Hungu and Lumshiwal formations with the well showed potential to produce 1,817bpd of oil and 4.63mmcfd of gas at choke size of 32/64. POL (up 1.14%), PPL (up 0.88%) and OGDC (0.35%) were the gainers of the mentioned development, said dealer at JS Global.

The index was off to a promising start led by E&P sector as crude prices witnessed further gains overnight sparked by rising Saudi tensions.

On a scrip-wise basis, market momentum was led by HBL with 29 points, NESTLE with 27 points, MTL with 26 points, PPL with 16 points and MARI contributed 15 points to the index respectively. On the other side, stocks that remained in red include MCB that shed 38 points, KTML that eroded 15 points, SNGP that detracted 15 points, HUBC that took away 14 points, and UBL that shed 11 points respectively from the index.

Sector-wise; E&P’s added 56 points amid rising crude prices, food added 30 points with around $1.0m worth of NESTLE exchanging hands, auto assemblers added 28 points with PSMC (up 5%) & MTL (up 2.8%) gaining on the back of buoyant sales expectations; power eroded 24 points weighed down by HUBC, and KEL (Rs5.35, -2.2%) which slipped to a 4-year low.

Stocks which dominated the market in terms of volumes included JPGL, SSGC, TRG, BAFL and PAEL which cumulatively contributed ~46% to total volumes, according to AHL Market Data. Average traded value also increased to USD 52m, showing an appreciation of 20% DoD.