DAILY MARKET WRAP

Bears of the Pakistan Stock Exchange (PSX) overthrew the bulls on Wednesday. Indices traded in both directions while volumes decreased from previous close. Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 2.84% to $67.49. While Brent crude oil price was down by 2.52% to $71.85. (As at 4:09 PM PST, Source: Investing.com).

On the economic front, as per news reports, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.1143/USD (0.04%) against the US Dollar on DoD basis ending the session at PKR 285.4683/US$.

The benchmark KSE 100 accumulated 180.58 pts during initial hours of the session and recorded intraday high of 41,852.24. However, the gains were short lived as it later fell to day’s low of 41,265.04 (losing 406.62 pts). The index settled lower by 341.09 pts at 41,330.56. The KMI 30 index fell by 724.70 pts closing at 71,339.96. While the KSE All share index plunged by 204.72 pts ending at 27,703.24.

Overall market volumes fell from 197.60 mn shares in the previous session to 157.71 mn shares. Highest contributors to the volume chart were Worldcall Telecom (WTL -5.60%), Maple Leaf Cement Factory Limited (MLCF +0.46%) and Fauji Cement Company Limited (FCCL -2.89%). The scrips had 20.72 mn shares, 8.71 mn shares and 6.48 mn shares exchanged, respectively.

Sectors taking points away from the benchmark KSE 100 index included, Technology and Communication sector (89.77 pts), Oil and Gas Exploration sector (64.19 pts) and Cement sector (61.75 pts). Company-wise, Lucky Cement Limited (LUCK 66.54 pts), Systems Limited (SYS 61.32 pts) and Fauji Fertilizer Company Limited (FFC 32.72 pts), drove the index south.

The Technology and Communication sector went down by 2.47% in its cumulative market capitalization. Systems Limited (SYS 2.75%), TRG Pakistan Limited (TRG 1.93%), Pakistan Telecommunication Company Limited (PTC 1.13%) and Avanceon Limited (AVN 3.31%), all closed negative.

Values as at 04:11 PM PST