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DAILY MARKET WRAP
Bloodbath at PSX!
The Pakistan Stock Exchange (PSX) witnessed bloodshed on Tuesday. Despite an initial rise, indices steadily declined throughout the day, accompanied by a decrease in trading volume compared to the previous session. Analysts attributed this bearish trend to investor concerns over the upcoming talks with the IMF. Additionally, the persistent rise in inflation dashed hopes for a potential rate cut in the upcoming monetary policy meeting.

Equity markets worldwide showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.37% to $78.22. While Brent crude oil prices was up by 0.44% to $82.57. (As at 1:54 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index inched up to day’s high of 65,859.64 gaining 104.33 pts. It then continued to lose momentum till it dropped to day’s low of 64,664.67 losing 1,090.64 pts. The index settled lower by 953.60 pts at 64,801.70. The KMI 30 index plunged by 1,873.04 pts ending the session at 109,626.64. While the KSE All share index was down by 619.65 pts ending the day at 43,088.26.
Overall market volume dropped from 545.92 mn shares in the previous session to 321.31 mn shares. Highest participation was witnessed in Hascol Petroleum Limited (HASCOL -4.24%), Pakistan International Airlines Limited (PIAA +0.39%) and Cynergyico PK Limited (CNERGY -6.65%). The scrips had 29.32 mn shares, 28.90 mn shares and 25.50 mn shares traded, respectively.
Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (-184.40 pts), Investment Banking sector (-107.33 pts) and Cement sector (-77.62 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH -101.99 pts), Oil and Gas Development Company Limited (OGDC -85.12 pts) and Pakistan Petroleum Limited (PPL -73.31 pts), drove the index south.
The Technology and Communication sector lost 1.52% in its cumulative market capitalization. Systems Limited (SYS -1.62%), Pakistan Telecommunication Company Limited (PTC -0.91%), TRG Pakistan Limited (TRG -2.95%) and Air Link Communication Limited (AIRLINK -6.28%), all closed in red.
Values as at 02:13 PM