DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its decline on Monday in anticipation of the upcoming monetary policy meeting later today. Indices trended downward throughout most of the trading session, accompanied by a decrease in trading volume compared to prior day.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.07% to $75.58. While Brent crude oil was up by 0.13% to $79.72. (As at 3:45 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index gained 161.43 pts reaching day’s high of 73,915.45. It then slipped to day’s low of 72,981.35, losing 772.67 pts. The index closed the day lower by 501.46 pts at 73,252.56. The KMI 30 index fell by 1,117.57 closing the day at 121,006.58. While the KSE All share index shed 311.10 pts to end the day at 47,153.84.

Overall market volume lowered from 559.13 mn shares the previous session to 350.56 mn shares. Pervez Ahmed Consultancy Services Limited (PASL +8.67%), Amtex Limited (AMTEX -17.99 %) and Worldcall Telecom Limited (WTL +1.52%), witnessed highest market participation. The scrips had 57.42 mn shares, 33.75 mn shares and 31.28 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Oil and Gas Exploration sector (-148.37 pts), Banking sector (-141.62 pts) and Power Generation and Distribution sector (-97.93 pts). Company-wise, The Hub Power Company Limited (HUBC -77.72 pts), Fauji Fertilizer Company Limited (FFC -55.90 pts) and Oil and Gas Development Company Limited (OGDC -52.56 pts), were top negative contributors.

The Power Generation and Distribution sector lost 1.59% in its overall market capitalization. The Hub Power Company Limited (HUBC -1.79%), K-Elektric Limited (KEL -3.53%), Pakgen Power Limited (PKGP -0.72%) and Kot Addu Power Company Limited (KAPCO -0.57%), all closed in negative territory.

Values as at 04:12 PM