DAILY MARKET WRAP

Bear run continued at the Pakistan Stock Exchange (PSX) on Wednesday. Indices oscillated between both zones until finally closing in red while volume rose compared to previous session. As per analysts, political and economic instability dented investors’ confidence.

Worldwide equity markets displayed negative trend. Crude oil prices moved south with WTI crude oil price falling by 2.26% to $70.88. While Brent crude oil price was down by 2.04% to $76.69. (As at 3:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially gained 306.41 pts jumping to day’s high of 64,043.87. It then lost momentum slipping to day’s low of 63,290.18 losing 447.28 pts. The index settled lower by 170.13 pts at 63,567.34. The KMI 30 index lost 238.40 pts closing the session at 107,217.58. While the KSE All share index dropped 105.19 pts ending at 43,068.53.

Overall market volume increased from 407.15 mn shares in the last session to 420.63 mn shares. Highest volumes were witnessed in Pakistan Telecommunication Company Limited (PTC +3.32%), K-Electric Limited (KEL -3.45%) and Treet Corporation Limited (TREET +5.58%). The scrips had 45.98 mn shares, 41.57 mn shares and 36.39 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Power Generation and Distribution sector (-86.46 pts), Cement sector (-52.75 pts), and Technology and Communication sector (-38.47 pts). Company-wise, The Hub Power Company Limited (HUBC -68.25 pts), Pakistan Petroleum Limited (PPL -61.27 pts) and Fauji Fertilizer Bin Qasim Limited (FFBL -27.73 pts), were top negative contributors.

The Power Generation and Distribution sector lost 1.81% in its cumulative market capitalization. K-Electric Limited (KEL 3.63%), The Hub Power Company Limited (HUBC -2.13%) and Kot Addu Power Company Limited (KAPCO -0.13%), all closed in red.

Values as at 04:15 PM