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DAILY MARKET WRAP
Bears Take the Lead!
The Pakistan Stock Exchange (PSX) fell victim to bears on Thursday after bulls drove it to heights last seen in June 2017. Indices swung in both directions while volumes shrank from last close. Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.23% to $79.31. While Brent crude oil price was down by 0.24% to $83.00. (As at 3:55 PM PST, Source: Investing.com).
On the economic front, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 2.1799(+0.75%) against the US Dollar on DoD basis ending the session at PKR 287.2019/US$.
Clenching 639.95 pts, the benchmark KSE 100 index flew to day’s high of 49,404.50, highest in six years. However, it lost momentum later in the day dropping to day’s low of 48,541.35 (losing 223.20 pts). The index settled lower by 153.37 pts at 48,611.18. The KMI 30 index fell by 214.95 pts closing at 81,543.08. While the KSE All share index was down by 200.25 pts ending at 32,302.20.
Total traded volume slipped from 555.05 mn shares in the previous session to 522.89 mn shares. Out of the total scrips traded 55.32% belonged to KSE 100 scrips. Highest participation was witnessed in Cynergyico PK Limited (CNERGY -1.60%) with 33.19 mn shares traded. Followed by K-Electric Limited (KEL -2.12%) and Oil and Gas Development Company Limited (OGDC +0.31%). The scrips had 25.43 mn share and 24.51 mn shares exchanged respectively.
Sectors driving the benchmark KSE 100 index into the red zone included, Banking sector (82.90 pts), Technology and Communication sector (80.58 pts) and Chemical sector (35.01 pts). Company-wise, United Bank Limited (UBL 90.65 pts), Meezan Bank Limited (MEBL 57.25 pts), TRG Pakistan Limited (TRG 45.78 pts), led the index south.
The Technology and Communication sector lost 2.18% in its cumulative market capitalization. Systems Limited (SYS 1.12%), TRG Pakistan Limited (TRG 4.00%), Pakistan Telecommunication Limited (PTC 2.04%) and Avanceon Limited (AVN 3.23%), all closed in red.
Values as at 04:10 PM PST