DAILY MARKET WRAP

Volatile Session Ends in Red!

Volatility marred the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices swung in both directions while volumes grew from last close. As per analysts, investor participation was low ahead of the monetary policy meeting to be held today. Moreover, contemplation over the budget and whether it would prove to be beneficial for the economy, also lead to a bearish trend.

Equity markets around the world showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 2.27% to $68.58. While Brent crude oil price was down by 1.97% to $73.32. (As at 3:57 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index oscillated between intraday low of 41,715.31 (losing 188.89 pts) and intraday high of 42,029.14 (gaining 124.94 pts). The index settled lower by 121.28 pts at 41,782.93. The KMI 30 index was down by 163.78 pts ending at 72,122.85. While the KSE All share index closed at 28,334.06 with an addition of 80.37 pts.

Total traded volume went up from 163.78 mn shares in the previous session to 179.04 mn shares. Hascol Petroleum Limited (HASCOL 5.38%) topped the volume chart with 16.37 mn shares traded. Followed by TPL Properties Limited (TPLP 1.95%) and Pakistan Refinery Limited (PRL +1.11%). The scrips had 13.00 mn shares and 10.78 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Banking sector (83.76 pts), Oil and Gas Exploration sector (71.58 pts) and Textile Composite sector (24.11 pts). Company-wise, Habib Bank Limited (HBL 46.15 pts), Oil and Gas Development Company Limited (OGDC 38.61 pts) and Pakistan Petroleum Limited (PPL 30.02 pts), were top negative contributors.

The Power Generation and Distribution sector lost 0.79% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 0.53%), K-Electric Limited (KEL 1.62%), Kot Addu Power Company Limited (KAPCO 2.13%) and Nishat Power Limited (NPL 0.30%), all closed in red.

Values as at 04:08 PM PST