DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Wednesday. Indices slipped lower and lower all day long while volumes rose from last close. Analysts attributed the bearish trend to devaluation of the Pakistani rupee along with an impending interest rate hike.

Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.85% to $80.78. While Brent crude oil price was up by 0.82% to $84.56. (As at 3:58 PM PST, Source: Investing.com).

Losing 880.38 pts, the benchmark KSE 100 index hit day’s low of 46,598.24. It settled lower by 708.20 pts at 46,770.42. The KMI 30 index lost 1,764.52 pts ending at 78,055.65. While the KSE All share index slipped by 393.25 pts closing at 31,115.31.

Overall market volume grew from 183.21 mn shares in the previous session to 216.31 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL -2.44%), K-Electric Limited (KEL -1.49%) and Dewan Farooque Motors Limited (DFML +7.48%). The scrips had 27.36 mn shares, 14.68 mn shares and 9.55 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Technology and Communication sector (-152.85 pts), Oil and Gas Exploration sector (-118.17 pts) and Banking sector (-107.30 pts). Company-wise, Systems Limited (SYS -167.45 pts), The Hub Power Company Limited (HUBC -51.73 pts) and Pakistan Petroleum Limited (PPL -45.63 pts), drove the index south.

The Oil and Gas Exploration lost 1.99% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -1.41%), Mari Petroleum Company Limited (MARI -1.18%), Pakistan Oilfields Limited (POL -1.10%) and Pakistan Petroleum Limited (PPL -2.98%), all closed in red.

Values as at 04:10 PM PST