DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed a gloomy session on Monday. Indices traded in red for most part of the day while market volumes remained low.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.05% to $79.79. While Brent crude oil price was up by 0.20% to $83.78. (As at 3:59 PM PST, Source: Investing.com).

Clenching 62.29 pts, the benchmark KSE 100 index recorded intraday high of 47,733.51. It then continued to lose momentum till it slipped to day’s low of 47,399.28 losing 271.94 pts. The index settled lower by 192.61 pts at 47,478.61. The KMI 30 index shed 682.60 pts ending at 79,820.17. While the KSE All share index dropped 123.04 pts closing the session at 31,508.56.

Total traded volume contracted from 191.81 mn shares in the previous session to 183.21 mn shares. K-Electric Limited (KEL -6.05%), BankIslami Pakistan Limited (BIPL +2.69%) and Kohinoor Textile Mills Limited (KTML +3.38%) were volume leaders of the session. The scrips had 19.24 mn shares, 16.66 mn shares and 10.48 mn shares exchanged, respectively. Out of the total scrips traded 89 advanced, 201, declined and 252 remained unchanged.

Sectors leading the benchmark KSE 100 index into the red zone included Oil and Gas Exploration sector (56.52 pts) Cement sector (47.59 pts) and Technology and Communication sector (26.83 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 39.36 pts), Pakistan Petroleum Limited (PPL 32.75 pts) and Lucky Cement Limited (LUCK 31.14 pts), were top negative contributors.

The Power Generation and Distribution sector lost 0.45% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 0.73%), K-Electric (KEL 6.05%), Pakgen Power Limited (PKGP 1.79%), Nishat Chunain Power Limited (NCPL 0.17%), all closed in red.

Values as at 04:14 PM PST