DAILY MARKET WRAP

Bears ruled the Pakistan Stock Exchange (PSX) on Wednesday. Indices slipped lower and lower for most part of the day, while volumes surged from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.96% to $73.90. While Brent crude oil price was up by 0.61% to $78.62. (As at 2:31 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.3624/USD (0.13%) against the US Dollar on DoD basis ending the session at PKR 283.9156/US$.

During the day, the benchmark KSE 100 index swung between intraday high of 40,186.11 (up by 103.74 pts) and low of 39,866.25 (down by 216.12 pts). It ended lower by 202.48 pts at 39,879.89. The KMI 30 index was down by 150.32 pts at 68,971.77. While the KSE All Share index fell short by 186.60 pts closing at 26,369.54.

Overall market volumes surged from 87.20 mn shares in last session to 108.74 mn shares. Highest volumes were witnessed in Telecard Limited (TELE -4.01%), Worldcall Telecom Limited (WTL -1.67%) and Pakistan Aluminium Beverage Cans Limited (PABC -4.95%). The scrips had 12.45 mn shares, 9.40 mn shares and 7.64 mn shares traded, respectively. Out of the total scrips traded, 72 advanced, 193 declined and 282 remained unchanged.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (50.21 pts), Miscellaneous sector (31.81 pts) and Technology and Communication sector (23.43 pts). Company-wise, Pakistan Services Limited (PSEL 37.97 pts), Habib Bank limited (HBL 25.01 pts) and Pakistan Petroleum Limited (PPL 20.06 pts), were top negative contributors.

The Engineering sector lost 1.53% in its cumulative market capitalization. International Steels Limited (ISL 2.22%), Mughal Iron and Steel Industries Limited (MUGHAL 1.65%), International Industries Limited (INIL 0.59%) and Agha Steel Industries Limited (AGHA 2.54%) all closed in red.

Values as at 02:31 PM PST