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DAILY MARKET WRAP
DAILY MARKET WRAP
Bloodbath at PSX!
The Pakistan Stock Exchange (PSX) experienced a significant downturn on Friday, with the benchmark KSE 100 index plummeting by over 1,000 pts. Indices continuously fell throughout the day, while trading volume increased compared to prior session. As per analysts, the decline was primarily driven by selling pressure resulting from Moody's forecast of political instability.
Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.46% to $80.93. While Brent crude oil price was down by 0.28% at $84.87. (as at 4:45 PM PST, Source: Invetsing.com).
The benchmark KSE 100 index gained 0.22% WoW. During the day, the index gathered 99.97 pts and reached intraday high of 81,939.84. Bears then drove the index to day’s low of 79,812.70 losing 2,027.16 pts. It closed the session lower by 1,721.97 pts at 80,117.89. The KMI 30 index shed 2,675.72 pts ending the day at 127,705.30. While the KSE All share index contracted by 918.86 pts to close the day at 50,854.42.
Investor activity inched up from 470.07 mn shares the in the last session to 477.51 mn shares. Waves Home Appliances Limited (WAVESAPP +0.30%), Fauji Fertilizer Bin Qasim Limited (FFBL -2.36%) and Pak Elektron Limited (PAEL -7.92%), were volume leaders of the session. The scrips had 36.88 mn shares, 30.67 mn shares and 24.82 mn shares traded, respectively.
Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-446.61 pts), Fertilizer sector (-289.81 pts) and Power Generation and Distribution sector (-275.22 pts). Company-wise, The Hub Power Company Limited (HUBC -218.62 pts), Fauji Fertilizer Company Limited (FFC -183.82 pts) and Habib Bank Limited (HBL -119.60 pts), were top negative contributors.
The Power Generation and Distribution sector lost 4.02% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -5.59%), K-Elektric Limited (KEL -4.21%), Pakgen Power Limited (PKGP -5.19%) and Kot Addu Power Company Limited (PKGP -1.44%), all closed in red.
Values as at 05:14 PM