DAILY MARKET WRAP

Trade screens turned red at the Pakistan Stock Exchange (PSX) on first session of the week. Indices slipped lower and lower for most part of the day, while volumes dropped from last close. Analysts attributed the slump to uncertainty over an agreement with the International Monetary Fund (IMF).

Moreover, a possible hike in the interest rate by State Bank of Pakistan (SBP) also shook investors confidence.

Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.81% to $77.16. While Brent crude oil price was up by 0.79% to $83.69. (As at 3:57 PM PST, Source: Investing.com).

During the day, the index inched up to day’s high of 41,162.89 (gaining 44.28 pts). Failing to sustain the positive momentum, it then dropped to day’s low of 40,623.97 (losing 494.64 pts). It settled lower by 444.97 pts at 40,673.64. The KMI 30 index plunged by 796.74 pts closing at 70,184.34. While the KSE All Share index fell 310.62 pts settling at 27,009.12.

Overall market volumes deccreased from 110.24 mn in the previous session to 92.70 mn shares. Out of the total scrips traded 58.36% belonged to KSE 100 scrips. Worldcall Telecom Limited (WTL -2.52%) was the volume leader with 6.40 mn shares traded. Followed by Oil and Gas Development Company Limited (9OGDC -5.14%) and TRG Pakistan Limited (TRG -2.18%). The scrips had 5.38 mn shares and 4.39 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 in red included, Oil and Gas Exploration sector (139.06 pts), Banking sector (95.04 pts) Fertilizer sector (44.92 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 82.82 pts), Pakistan Petroleum Limited (PPL 70.38 pts) and Habib Bank Limited (HBL 38.94 pts), were top negative contributors.

The Automobile Parts & Accessories sector lost 4.15% in its cumulative market capitalization. Thal Limited (THALL 4.15%), Atlas Battery Limited (ATBA 2.53%), Ghandhara Tyre and Rubber Company Limited (GTYR 1.49%) and Panther Tyres Limited (PTL 2.37%), all closed in red.

Values as at 04:11 PM PST