DAILY MARKET WRAP

Bears took charge of the Pakistan Stock Exchange (PSX) on Thursday. Indices oscillated between both zones until finally closing in red. Volume grew compared to previous session.

Equity markets worldwide showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.14% to $81.38. While Brent crude oil price was down by 0.20% to $86.12. (As at 1:47 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index swung between intraday high of 66,196.24 (up by 464.45 pts) and intraday low of 65,326.01 (down by 405.78 pts). It closed the session lower by 314.39 pts at 65,417.40. The KMI 30 index plunged by 997.95 pts ending the session at 109,591.05. While the KSE All share index witnessed a decrease of 194.67 pts ending the day at 43,499.92.

Overall volume appreciated from 341.46 mn shares the last session to 389.54 mn shares. Out of the total scrips traded 62.29% belonged to KSE 100 scrips. Highest volumes were witnessed in Pakistan Telecommunication Company Limited (PTC -3.36%), Pakistan International Bulk Terminal Limited (PIBTL +1.68%) and The Bank of Punjab (BOP +3.03%). The scrips had 52.90 mn shares, 41.98 mn shares and 29.10 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index into the red zone included, Cement sector (-115.33 pts), Oil and Gas Exploration sector (-103.56 pts) and Technology and Communication sector (-73.03 pts). Company-wise, Pakistan Petroleum Limited (PPL -48.63 pts), Systems Limited (SYS -40.52 pts) and Oil and Gas Development Company Limited (OGDC -39.31 pts), were top negative contributors.

The Technology and Communication sector lost 2.07% in its cumulative market capitalization. Systems Limited (SYS -1.85%), Pakistan Telecommunication Company Limited (PTC -3.36%), TRG Pakistan Limited (TRG -2.18%) and Air Link Communication Limited (AIRLINK -2.01%) all closed in red.

Values as at 02:15 PM