DAILY MARKET WRAP

Breaking its winning streak from the previous session, the Pakistan Stock Exchange closed the session on Monday in red. Indices slipped lower and lower all day long while volumes inched up from previous close. Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 2.57% to $73.17. While Brent crude oil price was up by 2.26% to $77.00. (As per 4:13 PM PST, Source: Investing.com).

Clenching 147.24 pts the benchmark KSE 100 index jumped to an intraday high of 42,389.22. Failing to sustain the gains, the index went down to the day’s low of 41,767.45 (losing 474.53 pts). It ended with a loss of 412.49 pts at 41,829.49. The KMI 30 index was down by 1,037.15 pts closing at 71,956.33. While the KSE All Share index settled lower by 270.15 pts at 27,606.12.

Overall market volumes appreciated from 177.12 mn shares in the previous session to 179.02 mn shares. Worldcall Telecom Limited (WTL -0.83%), TPL Properties Limited (TPLP -6.62%), and Pakistan Refinery Limited (PRL +1.14%) led the volume chart. The scrips had 20.92 mn shares, 19.75 mn shares, and 11.37 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index lower included Technology and Communication sector (95.50 pts), Oil and Gas Explorations sector (78.00 pts) and Cement sector (73.94 pts). Company-wise, Systems Limited (SYS 55.41 pts), Oil and Gas Development Company Limited (OGDC 41.02 pts) and TRG Pakistan (TRG 36.41 pts), were the top negative contributors.

The Cement sector lost 2.25% in its cumulative market capitalization. Lucky Cement Limited (LUCK 1.83%), Maple Leaf Cement Factory Limited (MLCF 2.52%), Cherat Cement Company Limited (CHCC 2.64%) and D. G. Khan Cement Company Limited (DGKC 3.92%) all closed in the red.

Values as at 04:16 PM PST