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DAILY MARKET WRAP
Bloodbath at PSX!
Investors of the Pakistan Stock Exchange (PSX) witnessed a bloodbath on first trading session of the week. After a small incline in the beginning of trade, indices slipped lower and lower while volumes rose from last close. Equity markets around the world showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.25% to $71.75. While Brent crude oil price was down by 0.25% to $76.42. (As at 3:58 PM PST, Source: Investing.com).
During the day, the benchmark KSE 100 index clenched 183.03 pts recording intraday high of 41,484.33. Gains made were short lived as it soon slipped below 41,000 mark reaching day’s low of 40,610.28 losing 691.02 pts. The index settled lower by 680.08 pts at 40,621.21. The KMI 30 index dropped by 1,624.94 pts settling at 69,371.18. While the KSE All share index shed 260.63 pts ending at 27,660.04.
Overall market volumes went up from 155.96 mn shares in the previous session to 178.55 mn shares. Worldcall Telecom Limited (WTL -1.75%), K-Electric Limited (KEL -3.66%) and Cynergyico PK Limited (CNERGY -3.96%) led the volume chart. The scrips had 27.67 mn shares, 11.38 mn shares and 9.34 mn shares, exchanged, respectively. Out of the total scrips traded 54 advanced, 240 declined and 252 remained unchanged.
Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (140.43 pts), Technology and Communication sector (102.31 pts) and Banking sector (98.17 pts). Company-wise, Systems Limited (SYS 71.29 pts), The Hub Power Company Limited (HUBC 56.77 pts) and Engro Corporation Limited (ENGRO 45.66 pts), were top negative contributors.
The Technology and Communication sector lost 2.92% in its cumulative market capitalization. Systems Limited (SYS 3.27%), TRG Pakistan Limited (TRG 2.03%), Pakistan Telecommunication Company Limited (PTC 0.67%) and Avanceon Limited (AVN 5.53%), all closed in red.
Values as at 04:14 PM PST