DAILY MARKET WRAP

Bears dominated the Pakistan Stock Exchange (PSX) on first session of the week. Indices traded in red for most part of the day while volumes surged from last close. As per analysts, ambiguity surrounding revival of the IMF loan program as well as turbulence on the political front, helped bears run amok.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.81% to $65.72. While Brent crude oil price was down by 1.86% to $71.61. (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 lost PKR 2.3177/USD (0.82%) against the US Dollar on DoD basis ending the session at PKR 284.0313/US$.

During the day, the benchmark KSE 100 index inched up slightly by 68.08 pts, recording intraday high of 41,398.03. It then continued to slip till it reached day’s low of 40,909.24 (losing 420.71 pts). The index settled lower by 411.50 pts at 40,918.45. The KMI 30 index depreciated by 986.55 pts closing at 70,374.89. While the KSE All share index slid by 202.17 pts settling at 26,975.18.

Overall market volumes grew from 172.43 mn shares in the previous session to 195.08 mn shares showing an increase of 13.14%. Toppers of the volume chart were, Unity Foods Limited (UNITY +4.27%), Worldcall Telecom Limited (WTL -3.20%) and Fauji Food Limited (FFL +6.12%). The scrips had 25.02 mn shares, 16.55 mn shares and 15.14 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (127.90 pts), Fertilizer sector (75.56 pts) and Cement sector (59.93 pts). Company-wise, Pakistan Services Limited (PSEL 58.98 pts), Oil and Gas Development Company Limited (OGDC 49.62 pts) and Pakistan Petroleum Limited (PPL 45.59 pts), were top negative contributors.

The Cement sector dropped by 1.96% in its cumulative market capitalization. Lucky Cement Limited (LUCK 1.03%), Bestway Cement Limited (BWCL 1.54%), Kohat Cement Company limited (KOHC 3.01%) and Fauji Cement Company Limited (FFC 2.78%), all closed in red.

Values as at 04:07 PM PST