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DAILY MARKET WRAP
PSX Starts Week on a Negative Note!
Extending losses from the prior session, the Pakistan Stock Exchange (PSX) closed Monday's session in red. Initially trading on a positive note, indices lost steam as the day progressed, ultimately ending in negative territory. Trading volume also decreased compared to previous session. As per analysts, weak economic performance in the second quarter dented investors’ confidence.
Equity markets worldwide showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.12% to $83.07. While Brent crude oil price was up by 0.16% to $86.86. (As at 1:59 PM PST, Source: Investing.com).
The benchmark KSE 100 index climbed to intraday high of 67,304.37 (gaining 299.26 pts). Bears then drove it to day’s low of 66,740.91 (losing 264.19 pts). The index closed the session at 66,796.32 with a loss of 208.79 pts. The KMI 30 index dropped 434.19 pts closing at 111,929.82. While the KSE All share index went down by 193.14 pts ending at 44,369.75.
Investor participation lowered from 312.98 mn shares in the previous session to 238.61 mn shares. Pakistan International Airlines Corp (PIAA -7.17%), Agritech Limited (AGL +5.79%) and Pakistan Telecommunication Company Limited (PTC –7.28%), were volume leaders of the session. The scrips had 39.67 mn shares, 31.10 mn shares, and 21.23 mn shares exchanged, respectively.
Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (-62.51 pts), Technology and Communication sector (-54.99 pts) and Cement sector (-46.03 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -37.79 pts), Systems Limited (SYS -30.77 pts) and Pakistan Telecommunication Company Limited (PTC -24.54 pts), were top negative contributors.
The Technology and Communication sector lost 1.60% in its cumulative market capitalization. Systems Limited (SYS -1.47%), Pakistan Telecommunication Company Limited (PTC -7.28%), TRG Pakistan Limited (TRG -1.26%) and Air Link Communication Limited (AIRLINK -1.34%), all closed in red.
Values as at 02:15 PM