DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced a volatile session on Wednesday, with the KSE-100 index fluctuating in both directions but ultimately ending the session in the red. Trading volumes surged compared to the prior session. Analysts attribute the increased activity to selling driven by profit-taking.

Global equity markets showed mixed performance, while crude oil prices experienced downward movement. The price of WTI crude fell by 1.17% to $71.15, and Brent crude prices decreased by 1.19% to $74.63 (as of 3:48 PM PST, Source: Investing.com).

Throughout the day, the benchmark KSE-100 index oscillated between an intraday high of 92,966.95 (gain of 662.62 pts) and an intraday low of 91,891.47 (down 412.85 pts). The KSE-100 closed lower, declining by 282.88 pts to 92,021.44. The KMI-30 index depreciated by 588.42 pts closing the trading day at 140,198.08. Meanwhile, the KSE All Shares index fell by 130.03 pts ending at 58,529.42.

Investor’s participation activity rose from 748.09 mn shares in the previous session to 888.84 mn shares. The Bank of Punjab (BOP +10.11%), Cnergyico PK Limited (CNERGY +6.48%) and Power Cement Limited (POWER -7.57%) dominated the volume chart. The scrips had 88.68 mn shares, 71.64 mn shares and 39.15 mn shares traded, respectively.

Sectors dragging the KSE-100 index lower included Technology and Communication (-166.03 pts), Oil and Gas Exploration (-79.36 pts) and Banking (-49.75 pts). At the company level, the top negative contributors were Systems Limited (SYS -149.01 pts), United Bank Limited (UBL -91.23 pts) and Oil & Gas Development Company Limited (OGDC -37.13 pts).

The Oil and Gas Exploration sector lost 0.72% in its cumulative market capitalization. Oil & Gas Development Company Limited (OGDC -0.98%), Mari Petroleum Company Limited (MARI -0.42%), Pakistan Petroleum Limited (PPL -0.85%) and Pakistan Oilfields Limited (POL -0.07%), all closed in red.

Values as at 04:15