DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to shed blood on Monday, with the benchmark KSE 100 index plummeting over 1,500 pts. The indices remained in negative territory throughout the day, accompanied by a decrease in trading volume compared to previous session. Analysts attributed the bearish trend to heightened political uncertainty.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.28% to $78.39. While Brent crude oil price was down by 0.32% at $82.40. (as at 3:58 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index lost 1,713.13 pts during the day, hitting day’s low of 78,404.76. It closed the day lower by 1,578.70 pts at 78,539.19. The KMI 30 index decreased by 2,567.08 pts settling at 125,138.22. While the KSE All share index lost 987.08 pts concluding the day at 49,867.34.

Investor activity went down from 477.51 mn shares the in the last session to 375.23 mn shares. K-Elektric Limited (KEL -2.65%), Pak Elektron Limited (PAEL +0.80%) and PIA Holding Company Limited (PIAHCLA -8.45%), topped the volume chart. The scrips had 33.44 mn shares, 23.56 mn shares and 19.21 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Banking sector (-343.58 pts), Oil and Gas Exploration sector (-223.54 pts) and Fertilizer sector (-219.08 pts). Company-wise, The Hub Power Company Limited (HUBC -115.81 pts), Engro Corporation Limited (ENGRO -96.56 pts) and Fauji Fertilizer Company Limited (FFC -91.91 pts), were top negative contributors.

The Cement sector lost 1.98% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.94%), Bestway Cement Limited (BWCL -2.79%), Kohat Cement Company Limited (KOHC -1.16%) and Fauji Cement Company Limited (FCCL -3.00%), all closed in red.

Values as at 04:14 PM