DAILY MARKET WRAP

Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices slipped lower and lower for most part of the day while volumes appreciated from last close.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.53% to $87.05. While Brent crude oil price was down by 0.28% to $90.40. (As at 3:54 PM PST, Source: Investing.com).

Bulls initially drove the benchmark KSE 100 index to day’s high of 46,174.69 (up by 161.20 pts). Bears then took over dragging the index to day’s low of 45,678.15 (down by 335.53 pts). It settled lower by 147.75 pts at 45,865.73. The KMI 30 index went down by 68.53 pts ending at 77,059.37. while the KSE All share index was down by 77.21 pts closing at 30,620.75.

Market volumes surged from 148.94 mn shares in the previous session to 211.33 shares. Bank Alfalah Limited (BAFL +0.74%) contributed nearly 28.07% to the total traded volume with 59.32 mn shares exchanged. Followed by K-Electric Limited (KEL +0.52%) and Pakistan Petroleum Limited (PPL +2.32%). The scrips had 14.65 mn shares and 11.68 mn shares exchanged, respectively.

Sector-wise, Banking sector (-86.04 pts), Fertilizer sector (-40.97 pts) and Cement sector (-26.55 pts), drove the benchmark KSE 100 index south. Company-wise, United Bank Limited (UBL -43.26 pts), Engro Corporation Limited (ENGRO -33.72 pts) and Pakistan Oilfields Limited (POL -32.95 pts), were top negative contributors.

The Banking sector lost 0.48% in its cumulative market capitalization. United Bank Limited (UBL -1.83%), MCB Bank Limited (MCB -1.23%), Standard Chartered Bank (Pak) Limited (SCBPL -0.84%) and Habib Bank Limited (HBL -0.67%), all closed in red.

Values as at 04:08 PM PST