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DAILY MARKET WRAP
Bears Rule PSX!
The Pakistan Stock Exchange (PSX) slipped into the red zone after short term gains on Thursday. Indices swung in both directions while volumes inched up from last close. As per analysts, investors opted to stay on the sidelines post the dissolution of assemblies.
Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.34% to $84.11. While Brent crude oil price was down by 0.18% to $87.39. (As at 3:59 PM PST, Source: Investing.com).
During the day, the benchmark KSE 100 index oscillated between intraday high of 48,622.91 (gaining 395.31) and intraday low of 47,626.75 (losing 600.85 pts). It settled lower by 419.26 pts at 47,808.34. The KMI 30 index fell by 799.37 pts ending at 80,554.81. While the KSE All share index shed 203.44 pts closing at 31,749.88.
Total traded volume grew from 311.31 mn shares in the previous session to 321.52 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL -1.63%) with 41.52 mn shares traded. Followed by Bank Al Falah Limited (BAFL -2.73%) and Oil and Gas Development Company Limited (OGDC -3.36%). The scrips had 23.17 mn shares and 22.02 mn shares exchanged, respectively. Out of the total scrips traded, 103 advanced, 206 declined and 233 remained unchanged.
Sectors driving the benchmark KSE 100 index south included, Oil and Gas Exploration sector (124.22 pts), Banking sector (123.41 pts), and Power Generation and Distribution sector (76.99 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 68.56 pts), The Hub Power Company Limited (HUBC 64.14 pts) and Pakistan Petroleum Limited (PPL 60.16 pts), were top negative contributors.
The Banking sector lost 1.12% in its cumulative market capitalization. Meezan Bank Limited (MEBL 2.39%), MCB Bank Limited (MCB 1.86%), Habib Bank Limited (HBL 1.66%) and Allied Bank Limited (ABL 0.70%), all closed in red.
Values as at 04:11 PM PST