DAILY MARKET WRAP

PSX Breaks Winning Streak!

The Pakistan Stock Exchange (PSX) experienced a downturn midweek as profit-taking set in after the benchmark KSE-100 Index hit an intraday record high of 96,711.33 pts. Despite a strong opening market sentiment shifted later in the session pushing indices into negative territory. Trading volumes surged compared to the prior session.

Global equity markets also showed mixed trends. Meanwhile, crude oil prices continued their upward trajectory with WTI crude rising 0.30% to $69.45 and Brent crude gaining 0.18% to $73.44 (as of 3:53 PM PST, according to Investing.com).

The KSE-100 Index began the day on a strong note gaining 854.67 pts to reach its intraday peak of 96,711.33. However, the momentum faded as bearish activity dominated driving the index to a low of 95,311.97 before closing at 95,546.46 down by 310.21 pts. The KMI-30 Index also dropped, shedding 1,310.69 pts to settle at 144,495.70. Similarly, the KSE All-Share Index lost 23.47 pts ending at 61,182.17.

Investor participation witnessed an increase from 830.27 mn shares in the previous session to 1.14 bn shares. K-Electric Limited (KEL -0.38%), Hascol Petroleum Limited (HASCOL +9.96%) and Kohinoor Spinning Mills Limited (KOSM +10.73%) recorded highest trading volumes. The scrips had 174.39 mn shares, 63.97 mn shares and 62.99 mn shares traded, respectively.

Sectors that contributed to the decline in the KSE 100 index included the Technology and Communication sector (-132.60 pts), the Banking sector (-104.69 pts) and the Cement sector (-89.90 pts). On an individual company basis, the biggest negative contributors were Systems Limited (SYS -125.57 pts), Habib Bank Limited (HBL -79.88 pts) and Lucky Cement Limited (LUCK -51.79 pts).

The Cement sector lost 1.17% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.73%), Bestway Cement Limited (BWCL -1.20%), Fauji Cement Company Limited (FCCL -2.00%) and Pioneer Cement Limited (PIOC -1.99%), all closed in negative territory.

Values as at 04:15