DAILY MARKET WRAP

Bears made a comeback at the Pakistan Stock Exchange (PSX), leading to a negative close on the first trading session of the week. The indices saw movement in both directions during the session but eventually settled in the red. Additionally, trading volumes were lower than in the previous session.

Worldwide equity markets exhibited mixed trends. Crude oil prices moved north with WTI crude oil price rising by 0.39% to $71.28. While Brent crude oil price was appreciated by 0.34% to $73.94. (As at 3:47 PM PST, Source: Investing.com).

The KSE 100 index began the day on a positive trajectory, surging to a peak of 82,463.05 with a 388.61 pts rise. However, profit-taking pulled the index down to a low of 81,548.65 reflecting a loss of 525.80 pts. By the session's end, the index finished falling by 223.95 pts to settle at 81,850.50. Meanwhile, the KMI 30 index dropped 2,193.28 pts to close at 128,368.34 and the KSE All Share index declined by 72.60 pts closing at 52,216.26.

Investor participation decreased, as trading volumes fell from 481.61 mn shares in the prior session to 400.03 mn shares. Leading the volume board were Pace Pakistan Limited (PACE -14.17%), Worldcall Telecom Limited (WTL -2.29%), and Oil and Gas Development Company Limited (OGDC -1.90%). The scrips had 30.38 mn, 29.12 mn, and 23.08 mn shares traded, respectively.

Sectors that dragged the KSE 100 index into the red included Oil and Gas Exploration (-323.57 pts), Power Generation and Distribution (-322.18 pts) and Cement (-76.66 pts). Among individual companies, the largest negative contributors were The Hub Power Company Limited (HUBC -261.78 pts), Mari Petroleum Company Limited (MARI -209.61 pts), and Pakistan Petroleum Limited (PPL -71.74 pts).

The Oil and Gas Exploration sector lost 3.19% in its overall market capitalization. Oil and Gas Development Company Limited (OGDC -1.90%), Mari Petroleum Company Limited (MARI -5.98%) and Pakistan Petroleum Limited (PPL -2.93%), all closed in red.

Values as at 04:15