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DAILY MARKET WRAP
PSX Starts Week on Negative Note!
Investors of the Pakistan Stock Exchange (PSX) witnessed a roller-coaster session on Monday. Trading commenced on a positive note. However, a shift in momentum occurred as the session progressed leading to a decline in market performance and the indices ultimately concluded the day in the red. Volume shrank compared to previous session. According to analysts, political uncertainty acted as a deterrent, keeping investors on the sidelines.
Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.67% to $72.30. While Brent crude oil price was down by 0.68% to $77.76. (As at 3:40 PM PST, Source: Investing.com).
Bulls initially propelled the benchmark KSE 100 index to day’s high of 65,173.87 (up by 536.23 pts). Bears later took over dragging the index to day’s low of 64,130.96 (down by 506.68 pts). The index settled lower by 368.26 pts at 64,269.38. The KMI 30 index sunk by 547.65 pts ending the session at 108,798.03. While the KSE All share index depreciated by 296.63 pts closing the day at 43,443.50.
Overall market volume reduced from 643.23 mn shares in the last session to 381.53 mn shares. Toppers of the volume chart were, K-Electric Limited (KEL -2.99%), Worldcall Telecom Limited (WTL -6.34%) and Pakistan International Bulk Terminal Limited (PIBTL -2.82%). The scrips had 55.03 mn shares, 37.65 mn shares and 24.87 mn shares traded, respectively.
Sectors dragging the benchmark KSE 100 index into the red zone included, Cement sector (-88.29 pts), Banking sector (-51.12 pts) and Fertilizer sector (-49.50 pts). Company-wise, Engro Fertilizers Limited (EFERT -55.18 pts), Pakistan Petroleum Limited (PPL -33.92 pts) and Systems Limited (SYS -25.63 pts), were top negative contributors.
The Cement sector lost 1.67% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.36%), Bestway Cement Limited (BWCL -1.53%), Kohat Cement Company Limited (KOHC -0.97%) and Fauji Cement Company Limited (FCCL -2.70%), all closed in red.
Values as at 04:12 PM