DAILY MARKET WRAP

Bears took over the Pakistan Stock Exchange (PSX) but only after bulls drove the benchmark KSE 100 past the 50,000 mark. A sight last seen in 2017. Indices swung high and low while volumes reduced compared to last session.

Worldwide equity markets showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.18% to $85.41. While Brent crude oil price was up by 0.29% to $89.91. (As at 3:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index rallied during initial trading hours, finally crossing the long awaited 50,000-mark recording day’s high of 50,017.45 (gaining 286.10 pts or 0.58%). However, the gains were short lived as bears took over later in the day dragging the index to day’s low of 49,508.42 with a loss of 222.93 pts. The index settled in the red zone at 49,531.01 by 200.34 pts. The KMI 30 index fell by 463.56 pts ending the session at 83,581.54. While the KSE All share index shed 110.60 pts settling at 33,108.42.

Market volume dropped from 467.15 mn shares in the previous session to 368.15 mn shares. K-Electric Limited (KEL -1.27%), Pakistan International Bulk Terminal Limited (PIBTL +0.44%) and Maple Leaf Cement Factory Limited (MLCF +2.51%) were top volume contributors. The scrips had 65.96 mn shares, 21.50 mn shares and 20.67 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-74.93 pts), Technology and Communication sector (-58.70 pts) and Oil and Gas Exploration sector (-57.92 pts). Company-wise, The Hub Power Company Limited (HUBC -42.96 pts), TRG Pakistan Limited (TRG -28.93 pts) and United Bank Limited (UBL -28.63 pts), were top negative contributors.

The Banking sector lost 0.65% in its cumulative market capitalization. United Bank Limited (UBL -1.26%), MCB Bank Limited (MCB -1.23%), Habib Bank Limited (HBL -1.31%) and Standard Chartered Bank (Pak) Limited (SCPL -3.03%), all closed in red

Values as at 04:06 PM PST