DAILY MARKET WRAP

Downward trend continued at the Pakistan Stock Exchange (PSX) mid-week. Mirroring previous session's performance, indices largely traded in red while market volume continued to fall. Analysts attributed the bear run to ambiguity surrounding the upcoming budget coupled with profit-taking.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.23% to $73.42. While Brent crude oil was up by 0.27% to $77.73. (As at 3:53 PM PST, Source: Investing.com).

Clenching 91.45 pts, the benchmark KSE 100 index touched day’s high of 74,758.11. It then continued to lose momentum till it reached day’s low of 74,136.52 (down by 530.13 pts). The index settled lower by 447.22 pts at 74,219.44. The KMI 30 index fell by 542.71 pts closing the day at 122,822.05. While the KSE All share index dropped 268.24 pts to end the session at 47,962.70.

Investor activity decreased from 414.40 mn shares in the preceding session to 348.45 mn shares. K-Elektric Limited (KEL -0.21%) led the volume chart with 25.29 mn shares traded. Followed by Amtex Limited (AMTEX +39.06%) and Worldcall Telecom Limited (WTL -1.49%). The scrips had 23.59 mn shares and 16.06 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-186.71 pts), Oil and Gas Exploration sector (-102.26 pts) and Cement sector (-39.04 pts). Companies that dragged the index lower included, Habib Bank Limited (HBL -58.45 pts), Oil and Gas Development Company Limited (OGDC -57.90 pts) and Bank Al Falah Limited (BAFL -48.79 pts).

The Banking sector lost 0.99% in its overall market capitation. Meezan Bank Limited (MEBL -0.03%), United Bank Limited (UBL -0.58%), MCB Bank Limited (MCB -0.45%), Habib Bank Limited (HBL -2.80%), all closed in red.

Values as at 04:15 PM