DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) started the week on a negative note. Indices traded in red for most part of the day while volumes contracted from last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.88% to $75.55. While Brent crude oil price was down by 0.22% to $85.55. (As at 3:54 PM PST, Source: Investing.com).

Accumulating 91.09 pts, the benchmark KSE 100 index recorded intraday high of 41,690.28. It then lost momentum rapidly and slipped to day’s low of 41,155.48 (down by 443.71 pts). The index settled lower by 404.12 pts at 41,195.07. The KMI 30 index dropped by 514.38 pts settling at 70,562.27. While the KSE All share index slid by 248.04 pts closing at 27,396.42.

Total traded volume fell from 120.28 mn shares in the previous session to 97.69 mn shares. Out of the total scrips traded, 48.24% belonged to KSE 100 scrips. Worldcall Telecom Limited (WTL -0.88%), K-Electric Limited (KEL -3.18%) and Air Link Communication Limited (AIRLINK +1.50%) led the volume chart. The scrips had 11.45 mn shares, 9.59 mn shares and 5.19 mn shares, exchanged respectively. Ratio of advancers to decliners stood at 73 to 210.

Sectors driving the benchmark KSE 100 index south included, Banking sector (105.36 pts), Oil and Gas Exploration sector (59.89 pts) and Technology and Communication sector (43.77 pts). Company-wise, United Bank Limited (UBL 46.50 pts), Pakistan Petroleum Limited (PPL 27.31 pts) and Systems Limited (SYS 25.05 pts), dragged the index downwards.

The Technology and Communication sector lost 1.23% in its cumulative market capitalization. Systems Limited (SYS 0.91%), TRG Pakistan Limited (TRG 1.31%), Pakistan Telecommunication Company Limited (PTC 2.15%) and Avanceon Limited (AVN 2.11%), all closed negative.

Values as at 04:10 PM PST