DAILY MARKET WRAP

Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) on Monday. Although indices opened in green, profit-taking led to a downturn by the closing bell. Market volume declined compared to preceeding session.

Global equity markets showed positive trend. Crude oil prices moved south, with WTI crude oil falling by 0.20% to $79.42. While Brent crude oil was down by 0.14% to $83.86. (As at 3:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index swung between intraday high of 75,618.49 (gaining 276.14 pts) and intraday low of 74,734.25 (losing 608.10 pts). It closed the session lower by 258.34 pts at 75,084.00. The KMI 30 index dropped by 502.88 pts ending the session at 123,570.72. While the KSE All share index contracted by 123.24 pts ending the day at 48,646.22.

Investor activity dropped from 496.55 mn shares in the previous session to 375.09 mn shares. Highest volumes were witnessed in Hum Network Limited (HUMNL +9.33%), K-Elektric Limited (KEL +2.19%) and Dewan Farooque Motors Limited (DFML +7.23%). The scrips had 30.92 mn shares, 18.32 mn shares and 17.86 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-124.76 pts), Cement sector (-77.27 pts) and Oil and Gas Exploration sector (-62.33 pts). Company-wise, MCB Bank Limited (MCB -58.08 pts), Engro Corporation Limited (ENGRO -57.81 pts) and Oil and Gas Development Company Limited (OGDC -40.04 pts), were top points snatchers.

The Pharmaceutical sector lost 1.35% in its cumulative market capitalization. Abbott Laboratories Limited (ABOT -0.49%), GlaxoSmithKline (Pakistan) Limited (GLAXO -1.33%), Highnoon Laboratories Limited (HINOON -1.14%) and The Searle Company Limited (SEARL -2.43%), all closed in red.

Values as at 04:12 PM PST