DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed first trading session of the week on a pessimistic note. After an initial surge, indices slipped lower and lower all day long. Volume contracted compared to previous session.

Global equity markets showed mixed trend. Crude oil prices moved south, with WTI crude oil falling by 0.64% to $78.22. While Brent crude oil was down by 0.67% to $82.39. (As at 3:42 PM PST, Source: Investing.com).

During the session, bulls initially drove the benchmark KSE 100 index to day’s high of 76,187.45 gaining 204.41 pts. Bears then took over and the index fell to day’s low of 75,485.62 losing 497.41 pts. The index settled lower by 465.55 pts at 75,517.49. The KMI 30 index fell by 684.21 pts to close the day at 124,559.48. While the KSE All share index shed 294.76 pts to end the session at 48,909.84.

Investor activity lowered from 609.78 mn shares in the previous session to 445.49 mn shares. Topping the volume chart with 55.60 mn shares traded was K-Elektric Limited (KEL -3.65%). Followed by Symmetry Group Limited (SYM +12.55%) and Worldcall Telecom Limited (WTL -3.52%). The scrips had 40.66 mn shares and 29.46 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index into the red zone included, Fertilizer sector (-109.11 pts), Oil and Gas Exploration sector (-100.98 pts) and Cement sector (-68.08 pts). Company-wise, Fauji Fertilizer Company Limited (FFC -75.05 pts), MCB Bank Limited (MCB -51.88 pts) and Pakistan Petroleum Limited (PPL -49.97 pts), were top negative contributors.

The Power Generation and Distribution sector lost 1.06% in its overall market capitalization. The Hub Power Company Limited (HUBC -0.56%), K-Electric Limited (KEL -3.26%), Kot Addu Power Company Limited (KAPCO -1.43%) and Pakgen Power Limited (PKGP -2.08%), all closed in negative territory.

Values as at 04:15 PM PST