DAILY MARKET WRAP

Negative Sentiments Prevail at PSX!

The Pakistan Stock Exchange (PSX) ended the day on a subdued note on Wednesday. The benchmark index closed lower after a volatile session. Despite brief recovery attempts, the overall trend remained bearish as selling pressure dominated in the latter half of the day. Trading volumes indicated moderate activity, while the index fluctuated within its intraday range.

Source: stockintel.com

Equity markets around the globe showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.98% to $73.05. While Brent crude oil price was down by 0.98% to $75.74. (As at 3:51 PM PST, Source: Investing.com).

The KSE 100 index saw a volatile session, initially climbing to the day’s high of 112,569.90 by gaining 539.53 pts before succumbing to bearish pressure hitting an intraday low of 111,157.19 by losing 873.18 pts. The index eventually closed lower shedding 543 pts to settle at 111,487.36. Similarly, the KMI 30 index recorded a significant loss of 338.44 pts closing at 167,466.62. The KSE All Share index also experienced a decline dropping 160.57 pts to end the day at 69,018.85. Overall, market sentiment remained negative with losses observed across major indices.

Overall market volume contracted from 516.19 mn shares in the previous session to 448.46 mn shares. Cynergyico PK Limited (CNERGY +2.31%), K-Electric Limited (KEL +2.00%) and Citi Pharma Limited (CPHL -0.43%) led the volume chart. The scrips had 31.18 mn shares, 29.67 mn shares and 25.41 mn shares traded, respectively.

The decline in the benchmark KSE 100 index was driven by losses in several sectors, including Fertilizer (-326.06 pts), Banking (-121.64 pts) and Cement (-87.65 pts). On an individual company basis, Fauji Fertilizer Company Limited (FFC -262.40 pts), Engro Fertilizers Limited (EFERT -58.24 pts), and Pakistan State Oil Company Limited (PSO -53.62 pts) made notable negative contributions to the index.

The Fertilizer sector lost 1.77% in its cumulative market capitalization. Fauji Fertilizer Company Limited (FFC -2.38%), Engro Fertilizers Limited (EFERT -1.33%), Fatima Fertilizer Company Limited (FATIMA -0.63%) and Arif Habib Corporation Limited (AHL -1.39%), all ended in negative territory.

Values as at 04:15