DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced a bearish trend during the first trading session of the week. Although the indices initially opened in positive territory, they steadily lost traction throughout the day, eventually closing in red. As per analysts, investor’s confidence decreased ahead of the monetary policy meeting later this week.

Global stock markets displayed a mix of performances, while crude oil prices saw an upward movement. WTI crude oil prices rose by 0.58%, reaching $68.06, and Brent crude prices increased by 0.55% to $71.45 (as of 3:43 PM PST, Source: Investing.com).

Initially, the benchmark KSE 100 index reached a day's peak of 79,214.28 gaining 316.55 points. However, it later dropped to a low of 78,545.69, losing 352.04 points. By the close of the session, the index had shed 282.72 pts finishing at 78,615.00 pts. The KMI 30 index also fell, dropping by 658.49 pts to settle at 124,770.91. The KSE All Share index contracted by 123.65 pts ending the day at 50,691.19.

Investor participation was lower, with total traded shares decreasing from 742.95 million in the previous session to 490.93 million. Worldcall Telecommunication Limited (WTL, +2.82%), Kohinoor Spinning Mills Limited (KOSM, +3.33%) and Pace (Pakistan) Limited (PACE, +3.91%) led the volume chart with 86.00 mn, 42.93 mn, and 37.26 mn shares traded, respectively.

Sectors that drove the benchmark KSE 100 index south included the Banking sector (-175.81 pts), Automobile Assembler (-116.38 pts), and Power Generation and Distribution (-102.06 pts). On a company level, Millat Tractors Limited (MTL -108.24 pts), The Hub Power Company Limited (HUBC -85.99 pts) and United Bank Limited (UBL -77.27 pts) are closed in negative territory.

The Automobile Assembler sector lost 2.61% in its cumulative market capitalization. Indus Motor Company Limited (INDU -1.04%), Millat Tractors Limited (MTL -6.55%), Atlas Honda Limited (-0.56 xx%) and Sazgar Engineering Works Limited (SAZEW -4.15%) are all closed in red.

Values as at 04:15 P.M