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DAILY MARKET WRAP
Negative Sentiments Surround PSX!
Negative sentiments surrounded the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices traded between both zones until finally choosing red while volumes rose from last close. As per analysts, political instability took its toll on the market, putting an end to the record-breaking gains.
Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.95% to $82.03. While Brent crude oil price was down by 0.89% to $85.47. (As at 3:52 PM PST, Source: Investing.com).
Gaining 449.21 pts, the benchmark KSE 100 index soared to day’s high of 49,034.92. Bears then took control and dragged the index to day’s low of 48,276.54 with a loss 309.18 pts. The index settled lower by 199.47 pts at 48,386.25. The KMI 30 index went down 249.59 pts ending at 81,393.54. While the KSE All share index plunged 100.54 pts closing at 32,216.92.
Total traded volume swelled from 330.98 mn shares in the previous session to 380.63 mn shares. Top contributors to the volume chart were Cynergyico PK Limited (CNERGY -3.80%), Pakistan Refinery Limited (PRL -3.07%) and Oil and Gas Development Company Limited (OGDC -1.94%). The scrips had 74.50 mn shares, 35.68 mn shares and 26.01 mn shares exchanged, respectively.
Sectors dragging the benchmark KSE 100 index lower included, Automobile Assembler sector (33.82 pts), Oil and Gas Exploration sector (31.13 pts) and Oil and Gas Marketing sector (30.97 pts) and. Company-wise, Oil and Gas Development Company Limited (OGDC 40.32 pts), Pakistan Petroleum Limited (PPL 25.73) and MCB Bank Limited (MCB 24.48 pts), were top negative contributors.
The Refinery sector lost 3.37% in its cumulative market capitalization. Attock Refinery Limited (ATRL 0.96%), Cynergyico PK Limited (CNERGY 5.06%), National Refinery Limited (NRL 6.01%) and Pakistan Refinery Limited (PRL 4.25%), all ended in red.
Values as at 04:08 PM PST