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DAILY MARKET WRAP
Bloodbath at PSX!
Investors of the Pakistan Stock Exchange (PSX) witnessed a bloodbath on first trading session of the week. Indices traded for most part of the day while volumes shrank from last close. As per analysts, political uncertainty paired with the significant current account deficit in July, shattered investors’ confidence.
Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.00% to $81.47. While Brent crude oil price was down by 0.93% to $85.59. (As at 3:59 PM PST, Source: Investing.com).
The benchmark KSE 100 index inched up by 150.55 pts recording day’s high of 48,234.26. It then slipped to day’s low of 47,432.72 losing 785.78 pts. The index settled lower by 770.54 pts at 47,447.96. The KMI 30 index fell by 1,083.15 pts closing at 80,052.37. While the KSE All share index was down by 459.17 pts settling at 31,499.58.
Overall market volume depreciated from 254.41 mn shares in the previous session to 211.13 mn shares. Worldcall Telecom Limited (WTL +2.40%), K-Electric Limited (KEL +1.84%) and Oil and Gas Development Company Limited (OGDC -3.04%) witnessed highest participation. The scrips had 51.17 mn shares, 8.42 mn shares and 7.30 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index south included, Banking sector (250.17 pts), Oil and Gas Exploration sector (126.65 pts) and Technology and Communication sector (62.29 pts). Company-wise, United Bank Limited (UBL 67.77 pts), Oil and Gas Development Company Limited (OGDC 55.71 pts) and MCB Bank Limited (MCB 46.25 pts), dragged the index downwards.
The Banking sector lost 2.27% in its cumulative market capitalization. Meezan Bank Limited (MEBL 0.79%), United Bank Limited (UBL 3.25%), MCB Bank Limited (MCB 2.78%) and Habib Bank Limited (HBL 2.37%), all closed negative.
Values as at 04:15 PM PST