DAILY MARKET WRAP

Bears dominated the Pakistan Stock Exchange (PSX) on Wednesday. Indices slipped lower and lower for most part of the day, while volumes surged from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.35% to $69.40. While Brent crude oil price was down by 0.29% to $75.03. (As at 3:57 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.7245/US$ (0.26%) against the US Dollar on DoD basis ending the session at PKR 283.1955/US$.

The benchmark KSE 100 index swung between intraday high of 40,996.72 (up by 118.74 pts) and low of 40,352.71 (down by 525.27 pts). It settled lower by 501.88 pts at 40,376.10. The KMI 30 index was down by 1,048.82 pts closing at 69,540.17. While the KSE All Share index fell short by 273.12 pts ending at 26,680.46.

Overall market volumes inched up from 142.52 mn shares in previous session to 147.16 mn shares. Highest participation was witnessed in Fauji Cement Company Limited (FCCL -1.58%), Worlcall Telecom Limited (WTL -0.82%) and Thatta Cement Company Limited (THCCL -2.48%). The scrips had 17.49 mn shares, 11.07 mn shares and 9.21 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Oil and Gas Exploration sector (73.25 pts), Cement sector (72.56 pts) and Technology and Communication sector (61.20 pts). Company-wise, Pakistan Services Limited (PSEL 50.56 pts), Pakistan Petroleum Limited (PPL 37.53 pts) and Oil and Gas Development Company Limited (OGDC 36.60 pts) were top negative contributors.

The Cement sector lost 2.44% in its cumulative market capitalization. Lucky Cement Limited (LUCK 1.73%), Kohat Cement Company Limited (KOHC 1.30%), Fauji Cement Company Limited (FCCL 1.58%) and Maple Leaf Cement Factory Limited (MLCF 3.19%) all closed in red.

Values as at 04:13 PM PST