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DAILY MARKET WRAP
Bears Dominate PSX!
Investors of the Pakistan Stock Exchange (PSX) witnessed a bearish trend mid-week. Indices traded in red for most part of the day, while volumes fell from last close. Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.07% to $71.14. While Brent crude oil price was down by 0.08% to $75.84. (As at 3:49 PM PST, Source: investing.com).
During the day, the benchmark KSE 100 index swung between intraday high of 40,804.88 (gaining 151.85 pts) and intraday low of 40,191.25 (losing 461.78 pts). It settled lower by 432.23 pts at 40,220.80. The KMI 30 index fell by 555.61 pts ending at 69,118.17. While the KSE All share index depreciated by 354.34 pts settling at 27,283.86.
Overall market volumes contracted from 124.34 mn shares in the previous session to 97.00 mn shares. Worldcall Telecom Limited (WTL -2.63%) made its way from second to first place on the volume chart with 11.65 mn shares traded. Followed by Bank Islami Pakistan Limited (BIPL -4.11%) and Shell Pakistan Limited (SHEL -6.03%). The scrips had 7.86 mn shares and 4.66 mn shares exchanged, respectively.
Sectors painting the benchmark KSE 100 index in red included, Chemical sector (65.74 pts), Oil and Gas Exploration sector (51.36 pts) and Technology and Communication sector (50.81 pts). Companies shoving the benchmark KSE 100 index into the red zone included, Colgate-Palmolive Pakistan Limited (COLG 57.61 pts), The Hub Power Company Limited (HUBC 26.20 pts) and Systems Limited (SYS 25.14 pts).
The Oil and Gas Marketing sector lost 2.54% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 2.94%), Attock Petroleum Limited (APL 1.01%), Sui Northern gas Pipelines Limited (SNGP 1.51%) and Shell Pakistan Limited (SHEL 6.19%), all ended negative.
Values as at 04:10 PM PST