DAILY MARKET WRAP

The trading week at the Pakistan Stock Exchange (PSX) started with a rough session. Indices are largely traded in the red throughout the day. Despite an early rise, the indices continuously declined, and trading volume decreased from the previous session. Analysts attributed the downturn to mounting market selling pressure.

Global equity markets exhibited mixed trends, while crude oil prices moved north, with WTI crude oil price increasing by 1.09% to $77.68. While Brent crude oil price was up by 0.84% to $80.33 (As at 3:48 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index oscillated between an intraday high of 78,886.46 (gaining 316.87 pts), and an intraday low of 77,940.52 (losing 629.06 pts). The market ended the day down by 589.30 pts, finishing at 77,980.29. The KMI 30 index dropped by 1,022.90 pts, closing at 124,626.51. While the KSE All Share Index fell by 470.37 pts ending the session at 49,960.36.

Investor activity dropped from 420.071 mn shares in the previous session to 414.57 mn shares. Yousaf Weaving Mills Limited (YOUW +23.04%), Worldcall Telecom Limited (WTL 0.00%) and Hascol Petroleum Limited (HASCOL 15.06%) were top volume leaders of the chart. The scrips had 38.07 mn shares, 19.22 mn shares and 13.35 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included the banking sector (-170.86 pts), Cement sector (-137.3 pts) and Technology and Communication (-74.70 pts). Company-wise, Meezan Bank Limited (MEBL, -63.53 pts), Systems Limited (SYS, -59.56 pts) and Luck Cement Limited (LUCK, -52.82 pts) were top negative contributors.

Technology and Communication lost 1.66% in its cumulative market capitalization. Systems Limited (SYS, -2.46%), Air Link Communication Limited (AIRLINK, -2.01%), Pakistan Telecommunication Company Limited (PTC, -0.68%) and TRG Pakistan Limited (TRG, -2.55%) are all closed in negative territory.

Values as at 04:15 PM