DAILY MARKET WRAP

Bears took control of the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices slipped into the red zone for most of the day. Trading volumes fell compared to the previous session. Analysts attributed the decline to profit-taking, noting that the drop was consistent with global market trends.

The global equity market showed mixed trend. Crude oil prices moved south with WTI crude oil falling by 1.18% to $72.34. Brent crude oil prices fell by 1.11% to $75.70. (As at 3:59 PM PST, Source Investing.com)

The benchmark KSE 100 index initially touched day’s high of 78,330.10 with a gain of 104.12 pts. It then declined by 1,282.74 pts and reached day’s low of 76,943.24. The index closed the session in negative by 1,141.50 pts at 77,084.49. The KMI 30 index went down by 1,812.58 pts ending the day at 121,946.80. While the KSE All index depreciated by 546.57 pts settling at 49,204.71.

Investor activity appreciated from 443.32 mn shares in the previous session to 500.86 mn shares. Kohinoor Spinning Mills Limited (KOSM +22.68%), Yousaf Weaving Mills Limited (YOUW +31.85%) and World call Telecom Limited (WTL -3.97%) were top contributors to the volume chart. The scrips had 86.05 mn, 32.79 mn and 19.64 mn shares traded respectively.

Sectors of the benchmark KSE 100 index that showed negative trend included Banking sector (-423.50 pts), Power Generation and Distribution sector (-179.34 pts), and Oil and Gas Exploration sector (-143.93 pts). Company-wise, Hub Power Company Limited (HUBC -193.72 pts), Habib Bank Limited (HBL -79.87 pts) and Pakistan Oilfields Limited (POL -73.57 pts) were top negative contributors.

The Power Generation & Distribution sector lost -2.85 in its cumulative market capitalization. The Hub Power Company Limited (HUBC -3.93%), Nishat Power Limited (NPL -4.31%), Nishat Chunian Power Limited (NCPL -2.61%), and K-Electric Limited (KEL -1.44%), all closed in red.

Values as at 04:12 PM