DAILY MARKET WRAP

Extending losses from previous session, the Pakistan Stock Exchange (PSX) closed the session on Wednesday in red. Indices traded in red for most part of the day while volume appreciated compared to previous session.

Worldwide equity markets showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 3.10% to $77.05. While Brent crude oil price was up by 2.79% at $80.25. (as at 3:58 PM PST, Source: Invetsing.com).

During the day, the benchmark KSE 100 index reached day’s high of 79,151.82 (gaining 523.01 pts) before losing momentum and falling to day’s low of 77,810.17 (down by 818.64 pts). It closed the session lower by 741.82 pts at 77,886.99. The KMI 30 index went down by 1,305.94 pts ending the day at 122,928.29. While the KSE All share index contracted by 418.91 pts to conclude the day at 49,473.46.

Investor activity swelled from 312.83 mn shares in the last session to 382.35 mn shares. Highest market volumes were witnessed in Worldcall Telecom Limited (WTL +7.76%), Kohinoor Spinning Mills Limited (KOSM +6.81%) and TPL Properties Limited (TPLP +6.15%). The scrips had 81.16 mn shares, 24.70 mn shares and 19.69 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-195.71 pts), Cement sector (-162.76 pts) and Oil and Gas Exploration sector (-129.51 pts). Company-wise, United Bank Limited (UBL -87.73 pts), Systems Limited (SYS -70.26 pts), and Lucky Cement Limited (LUCK -67.72 pts), were top points snatchers.

The Technology and Communication sector lost 2.73% in its cumulative market capitalization. Systems Limited (SYS -2.96%), Pakistan Telecommunication Company Limited (PTC -3.41%), TRG Pakistan Limited (TRG -1.72%) and Air Link Communication (AIRLINK -4.46%), all closed in red.

Values as at 04:12 PM