DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on first trading session of the week. Indices slipped lower and lower all day long, while volume dropped compared to previous session. As per analysts, investors resorted to panic selling, driven by ambiguity regarding circular debt resolution and the forthcoming monetary policy meeting.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.09% to $78.08. While Brent crude oil price was up by 0.10% to $83.03. (As at 4:52 PM PST, Source: Investing.com).

Losing 1,095.35 pts, the benchmark KSE 100 index hit day’s low of 62,717.71. It settled lower by 1,039.34 pts or 1.63% at 62,773.72. The KMI 30 index plummeted by 2,487.26 pts settling at 105,593.63. While the KSE All share index dropped by 535.66 pts ending at 42,677.44.

Overall market volume contracted from 412.61 mn shares in the last session to 316.98. Topping the volume chart with 46.69 mn shares traded was K-Electric Limited (KEL -5.83%). Followed by Pakistan International Airlines Limited (PIAA -3.97%) and Worldcall Telecom Limited (WTL -3.10%). The scrips had 22.94 mn shares and 21.48 mn shares traded, respectively. Out of the total scrips traded, 72 advanced, 249 declined and 221 remained unchanged.

Sectors driving the benchmark KSE 100 index into the red zone included, Oil and Gas Exploration sector (-284.44 pts), Fertilizer sector (-192.96 pts) and Banking sector (-173.74 pts). Company-wise, Engro Fertilizers Limited (EFERT -96.91 pts), Pakistan Petroleum Limited (PPL -93.74 pts) and Mari Petroleum Company Limited (MARI -80.40 pts), were top negative contributors.

The Technology and Communication sector lost 2.34% in its cumulative market capitalization. Systems Limited (SYS -1.33%), Pakistan Telecommunication Company Limited (PTC -8.06%), TRG Pakistan Limited (TRG -2.74%) and Air Link Communication Limited (AIRLINK -1.66%), all closed in red.

Values as at 04:13 PM