DAILY MARKET WRAP

Bears took charge of the Pakistan Stock Exchange (PSX) mid-week. After an initial surge, indices slipped lower and lower all day long. Volume rose significantly compared to previous session. As per analysts, despite positive developments on the economic front, profit-taking drove the market south.

Global equity markets showed mixed trend. Crude oil prices south, with WTI crude oil falling by 0.92% to $77.66 while Brent crude oil was down by 0.87% to $82.44. (As at 3:52 PM PST, Source: Investing.com).

Bulls drove the benchmark KSE 100 index to day’s high of 73,079.18 gaining 317.98 pts. Bears then took over dragging the index to day’s low of 72,358.19 (losing 403.01 pts). The index settled lower by 159.38 pts at 72,601.82. The KMI 30 index lost 314.55 pts closing the day at 121,056.37. While the KSE All share index dropped 133.29 pts settling at 47,102.38.

Investor activity ballooned from 621.62 mn shares in the previous session to 970.04 mn shares. Worldcall Telecom Limited (WTL +17.97%) contributed 42.05% to the total volume traded with 407.88 mn shares exchanged. Next in line were, K-Electric Limited (KEL +6.36%) and Hum Network Limited (HUMNL +12.45%). The scrips had 407.88 mn shares, 60.03 mn shares and 56.11 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Investment Banking sector (-95.22 pts), Cement sector (-67.69 pts) and Food and Personal Care Products sector (-28.08 pts). Company-wise, Dawood Hercules Pakistan Limited (DAWH -92.17 pts), Engro Fertilizers Limited (EFERT -35.05 pts) and Lucky Cement Limited (LUCK -32.27 pts), were top negative contributors.

The Refinery sector lost 1.44% in its cumulative market capitalization. Attock Refinery Limited (ATRL -1.03%), National Refinery Limited (NRL -2.17%), Cynergyico PK Limited (CNERGY -1.59%) and Pakistan Refinery Limited (PRL -2.56%), all closed in red.

Values as at 04:10 PM