DAILY MARKET WRAP

Violence persisted at the Pakistan Stocks Exchange (PSX) on Monday. Market indices remained in the red zone all day long, accompanied by a surge in trading volume compared to previous session. Analysts point to political instability as the primary driver behind the market's downward spiral.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.05% to $76.03. While Brent crude oil price was down by 1.07% to $81.31. (As at 3:55 PM PST, Source: Investing.com).

The benchmark KSE 100 index fell by 2,296.07 pts during the day, recording intraday low of 60,647.68. It ended the session lower by 1,878.43 pts at 61,065.32. The KMI 30 index depreciated by 4,160.60 pts (-3.92%) closing the day at 102,029.15. While the KSE All share index was down by 1,226.28 pts to end the day at 41,355.33.

Overall Investor activity increased from 257.89 mn shares in the last session to 349.17 mn shares. Out of the total scrips traded, 57.49% belonged to KSE 100 scrips. Highest participation in terms of volume traded was witnessed in K-Electric Limited (KEL -9.46%), Worldcall Telecom Limited (WTL -5.47%) and Oil and Gas Development Company Limited (OGDC -7.50%). The scrips had 50.35 mn shares, 34.62 mn shares and 14.94 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index downwards included Oil and Gas Exploration sector (-518.02 pts), Banking sector (-240.75 pts) and Cement sector (-164.69 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -213.61 pts), Pakistan Petroleum Limited (PPL -178.08 pts) and Mari Petroleum Company Limited (MARI -103.20 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 5.89% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -7.50%), Pakistan Petroleum Limited (PPL -7.50%), Mari Petroleum Company Limited (MARI -4.80%) and Pakistan Oilfields Limited (POL -0.79%) all closed in negative territory.

Values as at 04:09 PM