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DAILY MARKET WRAP
Bears Take Charge of PSX!
Bears of the Pakistan Stock Exchange (PSX) overthrew the bulls on Thursday. Indices traded in both directions while volumes rose from the previous close. Equity markets around the globe showed a positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.12% to $75.84. While Brent crude oil price was up by 0.21% to $80.28. (As at 3:53 PM PST, Source: Invetsing.com).
During the day, the benchmark KSE 100 index oscillated between intraday high of 45,971.00 (gaining 456.05 pts) and intraday low of 45,255.58 (losing 259.37 pts). It settled lower by 247.99 pts at 45,266.96. The KMI 30 index fell by 479.52 pts closing at 77,042.06. While the KSE All share index settled at 30,360.75 with a loss of 89.01 pts.
Overall market volumes inched up from 449.50 mn shares in the previous session to 488.13 mn shares. Highest contributors to the volume chart were Worldcall Telecom (WTL +0.78%), TPL Properties Limited (TPLP +1.35%) and K-Electric Limited (KEL +6.84%). The scrips had 55.54 mn shares, 42.15 mn shares and 30.45 mn shares exchanged, respectively.
Sectors taking points away from the benchmark KSE 100 index included, Banking sector (100.38 pts), Technology and Communication sector (66.62 pts) and Fertilizer sector (32.33 pts). Company-wise, Systems Limited (SYS 62.57 pts), United Bank Limited (UBL 50.15 pts) and Engro Corporation Limited (ENGRO 18.75 pts), drove the index south.
The Technology & Communication sector went down by 1.38% in its cumulative market capitalization. Systems Limited (SYS 2.06%), TRG Pakistan Limited (TRG 0.18%), Avanceon Limited (AVN 0.39%) and Air Link Communication Limited (AIRLINK 1.18%), all closed negative.
Values as at 04:11 PM PST