DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) lost momentum on Wednesday, closing the session in red. Indices declined for most part of the day, accompanied by a decrease in trading volume compared to previous session. Analysts attributed the downward trend to profit-taking activities in the market.

Global equity markets showed negative trend. Crude oil prices also moved south, with WTI crude oil falling by 0.05% to $81.37. While Brent crude oil was down by 0.15% to $84.53. (As at 3:43 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially touched day’s high of 80,971.96 gaining 299.89 pts before falling to day’s low of 79,841.32 losing 830.74 pts. It closed the session lower by 830.51 pts at 79,841.56. The KMI 30 index fell by 1,391.38 pts closing the day at 127,118.94. While the KSE All share index dropped by 366.74 pts to end the session at 51,114.53.

Investor activity dropped from 610.08 mn shares the in the last session to 495.55 mn shares. K-Elektric Limited (KEL -0.41%), PIA Holding Company Limited (PIAHCLA +5.11%) and Unity Foods Limited (UNITY +7.43%), witnessed highest volumes. The scrips had 57.72 mn shares, 43.04 mn shares and 28.63 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-260.85 pts), Oil and Gas Exploration sector (-101.78 pts) and Power Generation and Distribution sector (-94.92 pts). Company-wise, The Hub Power Company Limited (HUBC -115.52 pts), Pakistan Petroleum Limited (PPL -55.29 pts) and Dawood Hercules Corporation Limited (DAWH -52.87 pts), were top negative contributors.

The Cement sector lost 1.43% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.39%), Bestway Cement Limited (BWCL -1.42%), Fauji Cement Company Limited (FCCL -1.17%) and Kohat Cement Company Limited (KOHC -1.07%), all closed in red.

Values as at 04:14 PM