DAILY MARKET WRAP

Bears took charge of the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices slipped lower and lower for most part of the day while volume slipped compared to prior session. Analysts attributed the downturn to market corrections and investors engaging in profit-taking.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.26% to $80.94. While Brent crude oil was up by 0.36% to $84.63. (As at 3:40 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially gained 577.63 pts, reaching day’s high of 79,388.12. It then fell to day’s low of 78,167.43 losing 643.06 pts. The index closed the session lower by 578.40 pts at 78,232.10. The KMI 30 index contracted by 540.81 pts to end the day at 126,237.79. While the KSE All share index went down by 421.99 pts to end the session at 49,395.96.

Investor activity went down from 470.86 mn shares the in the last session to 384.91 mn shares. Pervez Ahmed Consultancy Services Limited (PASL +14.67%), Worldcall Telecom Limited (WTL +0.00%) and The Hub Power Company Limited (HUBC +4.33%), were volume leaders of the session. The scrips had 46.84 mn shares, 20.76 mn shares traded and 20.11 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-351.91 pts), Oil and Gas Exploration sector (-96.24 pts) and Cement sector (-79.29 pts). Company-wise, United Bank Limited (UBL -106.29 pts), Meezan Bank Limited (MEBL -103.62 pts) and Bank Al Habib Limited (BAHL -92.86 pts), were top negative contributors.

The Refinery sector lost 0.92% in its cumulative market capitalization. Attock Refinery Limited (ATRL -1.30%), Cynergyico PK Limited (CNERGY -1.47%), National Refinery Limited (NRL -0.54%) and Pakistan Refinery Limited (PRL -0.86%), all closed in red.

Values as at 04:13 PM