DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced a bearish turn, halting its recent upward momentum on Wednesday. While indices began the day on a positive note, they lost traction as trading progressed, ultimately closing in negative territory. Trading volume surged compared to the prior session.

Global equity markets displayed a mixed performance, while crude oil prices rose, with WTI crude oil gaining 1.18% to reach $68.00 and Brent crude oil climbing 1.12% to $71.52 (as of 3:59 PM PST, source: Investing.com).

The benchmark KSE 100 index initially gained 1,008.54 pts, reaching an intraday high of 91,872.63. However, bears later drove the index down to an intraday low of 90,003.31, marking a loss of 860.78 pts. By the end of the session, the index had declined by 577.52 pts, closing at 90,286.57. The KMI 30 index also shed 811.40 pts ending at 136,138.91, while the KSE All Share index dropped 282.08 pts, closing at 57,642.25.

Investor activity picked up, with total shares traded rising from 602.36 mn in the previous session to 613.11 mn. Silkbank Limited (SILK +9.26%), The Searle Company Limited (SEARL -5.76%) and Worldcall Telecom Limited (WTL -2.36%) witnessed highest market participation. The scrips had 68.50 mn shares, 26.74 mn shares, 22.73 mn shares, traded respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-215.39 pts), the Fertilizer sector (-137.28 pts) and the Cement sector (-129.34 pts). Company-wise, Fauji Fertilizer Company Limited (FFC -116.79 pts), National Bank of Pakistan (NBP -77.10 pts) and The Hub Power Company Limited (HUBC -57.27 pts), were top negative contributors.

The Fertilizer sector lost 0.91% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.96%), Fauji Cement Company Limited (FCCL -1.65%), Kohat Cement Company Limited (FFBL -3.36%) and Cherat Cement Company Limited (CHCC -1.77%), all closed in negative.

Values as at 04:15