DAILY MARKET WRAP

Bloodbath at PSX!

The Pakistan Stock Exchange (PSX) faced a sharp downturn on Wednesday, with the benchmark KSE-100 Index plunging by more than 1,000 points. The market faced persistent selling pressure during the trading session, fueled primarily by concerns over political instability. Despite an increase in trading volume compared to the previous session, investor sentiment remained subdued, reflecting broader uncertainty.

In global markets, equity indices displayed a mixed performance. Crude oil prices edged higher, with WTI crude rising by 0.80% to $76.44, and Brent crude increasing by 0.72% to $79.86. (As at 3:47 PM PST, Source: Investing.com).

The index briefly climbed by 213.91 pts to an intraday high of 115,256.16 before succumbing to bearish pressure, hitting a low of 113,359.38 i.e., a loss of 1,682.87 pts. The session concluded with the KSE-100 index down 1,598.82 pts at 113,443.43. The KMI-30 index also saw a sharp drop, losing 3,764.17 pts to settle at 172,105.79. Meanwhile, the KSE All-Share Index contracted by 1,072.79 pts closing at 70,346.80.

Investor activity fell from 766.31 mn shares in the last session to 742.45 mn shares. Worldcall Telecom Limited (WTL -4.49%), Cnergyico PK Limited (CNERGY +0.96%) and Fauji Cement Company Limited (FCCL +7.17%) led the volume chart. The scrips had 100.22 mn shares, 96.98 mn shares and 83.55 mn shares traded, respectively.

Sector-wise, the Oil and Gas Exploration sector (-707.62 pts), the Banking sector (-246.31 pts), and the Investment Banking sector (-196.90 pts) exerted the most downward pressure on the KSE-100 Index. Among individual contributors, Mari Energies Limited (MARI -502.46 pts), Engro Holdings Limited (ENGROH -193.63 pts) and Oil & Gas Development Company Limited (OGDC -88.67 pts) emerged as the top negative performers.

The Banking sector lost 1.02% in its cumulative market capitalization. United Bank Limited (UBL -0.55%) MCB Bank Limited (MCB -1.19%), MCB Bank Limited (MCB -0.63%) and Habib Bank Limited (HBL -0.94%), all closed in red.

Values as at 04:15