DAILY MARKET WRAP

Bears returned to the Pakistan Stock Exchange (PSX) on Monday putting an end to the two-day winning streak. Indices kicked off positively but faltered as the session progressed, ultimately concluding in red. Market volumes displayed a marked increase in comparison to the prior session. As per analysts market took a downturn due to apprehensions about the weakened position of the rupee, influenced by a surge in demand and a shortfall in dollar inflows.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil prices falling by 0.78% to $71.22. While Brent crude oil price was down by 0.68% at $76.03. (As at 3:59 PM PST, Source: Investing.com).

Clenching 456.59 pts, the benchmark KSE 100 index climbed to day’s high of 66,586.62. Bears then drove the index to day’s low of 65,064.94 losing 1,065.08 pts. The index settled lower by 925.35 pts at 65,204.68. The KMI 30 index shed 1,914.97 pts ending the session at 109,845.86. The KSE All share index dropped 405.38 pts closing the day at 43,643.83.

Overall investor activity jumped from 1.74 bn shares in the last session to 1.89 bn shares. Total traded value was recorded at Rs.24.59 bn on Monday. Worldcall Telecom Limited (WTL +4.40%) witnessed highest participation with an impressive 444.14 mn shares traded, contributing 23% to the total volume. Followed by K-Electric Limited (KEL +11.26%) and Cynergyico PK Limited (CNERGY +2.61%). The scrips had 392.75 mn shares and 205.41 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-295.27 pts), Oil and Gas Exploration sector (-150.98 pts) and Fertilizer sector (-123.57 pts). Company-wise, Pakistan Petroleum Limited (PPL -75.50 pts), Meezan Bank Limited (MEBL -58.60 pts) and Oil and Gas Development Company Limited (OGDC -53.88 pts), were top negative contributors.

The Banking sector lost 2.20% in its overall market cap. Meezan Bank Limited (MEBL -2.69%), MCB Bank Limited (MCB -1.88%), United Bank Limited (UBL -1.60%) and Habib Bank Limited (HBL -0.99%), all closed in red.

Values as at 04:15 PM