DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a rangebound session on Monday flat. Indices traded in green for most part of the day until finally closing flat. While volumes depreciated from precious close. As per analysts, investors adopted a cautious approach due to lack of clarity on IMF's decision. Moreover, news of upcoming mini-budget also kept investors away from the market.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.69% to $79.17. While Brent crude oil price was down by 0.71% to $85.78. (As at 4:15 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), remittances sent home by overseas Pakistanis fell by 13.14% YoY to US$ 1,894 mn. On month-on-month basis, remittances declined by 9.90%.

Gaining 249.38 pts the benchmark KSE 100 index recorded intraday high of 41,991.16. Failing to hold on to its gain, the index drove in reverse direction touching intraday low of 41,644.31 losing 97.47 pts. It ended flat by negative 24.83 pts at 41,716.95. The KMI 30 index fell by 400.60 pts ending at 71,788.93. While the KSE All share index closed the session at 27,852.09 losing 14.60 pts.

Overall market volumes fell from 281.74 mn shares in the last session to 192.01 mn shares. Highest traded volumes were witnessed in Sui Southern Gas Pipelines Limited (SSGC +8.47%), Worldcall Telecom Limited (WTL +0.00%) and Oil and Gas Development Company Limited (OGDC -2.24%). The scrips had 22.25 mn shares, 16.38 mn shares, 15.11 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index lower included, Technology and Communication sector (70.52 pts), Oil and Gas Exploitation sector (53.38 pts) and Automobile Assembler sector (15.61 pts). Company-wise, Systems Limited (SYS 65.72 pts), Oil and Gas Development Company Limited (OGDC 38.51 pts) and Millat Tractor Limited (MTL 23.87 pts), were top negative contributors.

The Technology and Communication sector lost 1.77% in its cumulative market capitalization. Systems Limited SYS 2.27%), TRG Pakistan Limited (TRG 0.57%), Avanceon Limited (AVN 0.15%), all closed in red.

Values as at 04:08 PM PST