DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to drift lower on Wednesday. Indices traded in red for most part of the day with the benchmark KSE 100 on the verge of falling below the 61,000-mark intraday. Volume also decreased compared to last session.

Global equity markets showed mixed trend. Crude oil prices moved upwards with WTI crude oil price rising by 1.30% to $74.90. While Brent crude oil price was up by 1.15% to $80.14. (As at 3:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index swung between intraday high of 63,261.05 (+428.02 pts) and intraday low of 61,082.50 (-1,750.53 pts). It settled lower by 385.02 pts at 62,448.01. The KMI 30 index plummeted by 717.05 pts at 105,162.24. While the KSE All share index was down by 302.99 pts ending at 41,664.54.

Market volume shrank from 1.51 bn shares in the previous session to 1.19 bn shares. Highest participation was witnessed in K-Electric Limited (KEL +8.87 %), Worldcall Telecom Limited (WTL -8.82%) and Cynergyico PK Limited (CNERGY -2.40%). The scrips had 280.81 mn shares, 211.12 mn shares, 54.41 mn shares, traded respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Banking sector (-117.68 pts), Cement sector (-74.94 pts) and Fertilizer sector (-55.36 pts). Company-wise, Engro Corporation Limited (ENGRO -56.40 pts), Oil and Gas Development Company Limited (OGDC -54.79 pts) and Lucky Cement Limited (LUCK -44.23 pts), dragged the index lower.

The Cement sector lost 1.22% in its cumulative market capitalization. Lucky Cement Limited (LUCK -1.98%), Bestway Cement Limited (BWCL -1.91%), Kohat Cement Company Limited (KOHC -2.55%) and D.G Khan Cement Company Limited (DGKC -3.52%), all closed in red.

Values as at 04:15 PM