DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) extended its losses on the first trading session of the week. Bears maintain their hold as the market fluctuated the whole day. Indices traded in red most of the day. While volume shrank compared to the prior session.

Global equity markets exhibited mixed trends. Crude oil prices moved south, with WTI crude oil prices falling by 0.94% to $74.83. While Brent crude oil price went down by 0.92% to $78.95 (As at 3:58 PM PST, Source: Investing.com).

During the trading session, the bulls initially propelled the KSE 100 index to a high of 78,382.05 gaining 336.74 pts. However, the momentum shifted, and the bears took over pulling the index down to a low of 77,566.62 a decrease of 478.69 pts. By the end of the session, the index had dropped 214.97 pts closing at 77,830.34. The KMI 30 index also suffered a loss declining by 756.06 pts to end the day at 124,193.12. While KSE All Share index fell by 220.37 pts finishing the session at 49,869.83.

Trading volume dropped from 600.65 million shares in the last session to 471.19 million shares. The highest levels of market involvement were observed in Kohinoor Spinning Mills Limited (KOSM -9.83%), Yousaf Weaving Mills Limited (YOUW -14.27%), and Flying Cement Company Limited (FLYING +5.59%). The scrips had 134.86 mn shares, 43.55 mn shares and 15.14 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included Oil and Gas Exploration Companies (-52.11 pts), Automobile Assemblers (-49.60 pts) and Cement (-33.60 pts). Company-wise, Mari Petroleum Company Limited (MARI -83.51 pts), Millat Tractors Limited (MTL -50.25 pts) and Lucky Cement Limited (LUCK -32.99 pts) led the index south.

Automobile Assembler lost 1.31% in its cumulative market capitalization. Millat Tractors Limited (MTL -3.17%), Atlas Honda Limited (ATLH -0.77%), Sazgar Engineering Works Limited (SAZEW -0.16%) and Honda Atlas Cars (Pakistan) Limited (HCAR -3.45%) are all closed in red.

Values as at 04:15 PM