DAILY MARKET WRAP

Bears took charge of the Pakistan Stock Exchange on the first trading session of the week. The market endured constant volatility throughout the day, eventually ending in negative territory. Trading activity slowed down, with volume falling compared to the prior session.

Global equity markets exhibited mixed trends. Crude oil prices moved south, with WTI crude oil prices falling by 0.18% to $73.42. While Brent crude oil price depreciated by 0.13% to $76.83 (As at 3:47 PM PST, Source: Investing.com).

During the trading day, the KSE 100 index first climbed to a high of 79,014.69, with a gain of 526.47 pts as bullish forces lifted the market. However, the trend reversed as bearish pressure took over pulling the index down to a low of 78,240.37 a decline of 247.85 pts. By the end of the day, the index had fallen by 204.92 pts closing at 78,283.30. The KMI 30 index also experienced losses dropping by 454.39 pts to end at 124,337.82. While the KSE All Share index slipped by 283.69 pts closing the session at 50,391.05.

Trading volume dropped from 680.54 mn shares in the last session to 457.06 mn shares. Hascol Petroleum Limited (HASCOL -3.17%), Agha Steel Industries Limited (AGHA -10.00%) and Worldcall Telecom Limited (WTL -9.04%), led the volume chart. The scrips had 46.43 mn shares, 28.79 mn shares and 21.55 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included the Banking Sector (-152.38 pts), the Fertilizer sector (-61.98 pts), and the Technology and Communication sector (-47.41 pts). Company-wise, Meezan Bank Limited (MEBL -64.01 pts), Engro Corporation Limited (ENGRO -45.31 pts) and Habib Bank Limited (HBL -41.18 pts), were top negative contributors.

The Banking sector lost 0.63% in its cumulative market capitalization. Meezan Bank Limited (MEBL -1.88%), United Bank Limited (UBL -0.30%), Standard Chartered Bank (Pak) Limited (SCBPL -0.44%) and Habib Bank Limited (HBL -2.33%), all closed in red.

Values as at 04:15 PM