DAILY MARKET WRAP

The downward trend continued at the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices swayed in both directions while volumes depreciated from last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.16% to $80.83. While Brent crude oil was up by 0.04% to $85.15. (As at 2:53 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), remittances sent home by overseas Pakistanis fell by 10.66% YoY to US$ 2,533 mn. On MoM basis, an increase of 27.41% was recorded.

Gaining 134.16 pts, the benchmark KSE 100 index recorded intraday high of 40,183.81. It then fell to intraday low of 39,815.86 (down by 233.79 pts). The index settled lower by 213.75 pts at 39,835.90. The KMI 30 index declined by y 401.77 pts closing at 69,358.21. While the KSE All Share index went down by 122.24 pts settling at 26,279.50.

Overall market volumes fell from 135.07 mn shares in last session to 105.46 mn shares. Highest volumes were witnessed in Worldcall Telecom Limited (WTL +0.85%), JS Bank Limited (JSBL +9.05%) and K-Electric Limited (KEL -0.99%). The scrips had 34.13 mn shares, 10.39 mn shares and 5.62 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 in red included, Cement sector (39.03 pts), Oil and Gas Exploration sector (37.16 pts) and Technology and Communication sector (34.84 pts). Company-wise, Pakistan Services Limited (PSEL 34.88 pts), Systems limited (SYS 27.52 pts) and Habib Bank limited (HBL 24.41 pts), were top negative contributors.

The Power Generation and Distribution lost 0.97% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 1.14%), K-Electric limited (KEL 0.99%), Saif Power Limited (SPWL 0.24%) and Engro Powergen Qadirpur Limited (EPQL 0.50%) all closed in red.

Values as at 02:50 PM PST