DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) had a turbulent session on Monday, with the bears ultimately overpowering the bulls. Indices oscillated between positive and negative zones before ultimately concluding in the red, despite a decrease in trading volumes compared to the previous close.

Equity markets around the world showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 2.92% to $73.83. While Brent crude oil price was down by 2.16% to $77.33. (As at 3:53 PM PST, Source: Investing.com).

The benchmark KSE 100 index surged by 621.62 pts reaching an intraday peak of 86,105.03. However, bearish momentum soon took over pulling the index down to an intraday low of 85,156.11 reflecting a decline of 327.29 pts. By the close of the session, the index had fallen by 222.02 pts settling at 85,261.39. Similarly, the KMI 30 index dropped by 1,443.76 pts concluding at 128,130.09. The KSE All Share Index recorded a gain of 38.12 pts closing at 54,575.34.

The total trading volume contracted from 560.50 mn shares in the previous session to 477.37 mn shares. Worldcall Telecom Limited (WTL +2.54%), The Hub Power Company Limited (HUBC -8.04%), and Pakistan Refinery Limited (PRL +3.94%) recorded the highest levels of market participation. The scrips had 41.02 mn shares, 37.18 mn shares and 30.17 mn shares traded, respectively.

The sectors exerting downward pressure on the benchmark KSE 100 index included the Power Generation and Distribution sector which contributed a loss of 293.67 pts, the Oil and Gas Exploration sector with a decline of 96.99 pts and the Food and Personal Care Product sector which fell by 25.93 pts. On a company-specific basis, the Hub Power Company Limited (HUBC) accounted for a loss of 268.10 pts, followed by Engro Fertilizer Limited (EFERT) with a decrease of 136.87 pts and Oil and Gas Development Company Limited (OGDC) contributing a decline of 60.85 pts.

The Food and Personal Care Product sector lost 1.19% in its cumulative market capitalization. Nestle Pakistan Limited (Nestle -2.01%), Colgate-Palmolive (Pakistan) Limited (COLG -1.42%), Ismail Industries Limited (ISIL -0.00%) and Unilever Pakistan Foods Limited (UPFL -1.49%) are closed in negative territory.

Values as at 04:15