DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) lost momentum on Thursday ending the day in red. Indices traded in red for most part of the day, while investor participation fell compared to previous session.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.66% to $76.30. While Brent crude oil price was down by 1.64% at $80.37. (as at 3:50 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index gained 379.95 pts reaching day’s high of 79,776.96 before losing 1,066.42 pts and falling to day’s low of 78,330.59. It ended the session lower by 927.68 pts at 78,469.33. The KMI 30 index lost 1,386.63 pts ending the day at 125,292.65. While the KSE All share index fell by 424.10 pts to close the day at 49,935.04.

Investor activity contracted from 386.83 mn shares in the last session to 327.17 mn shares. Fauji Fertilizer Bin Qasim Limited (FFBL +1.04%), Hascol Petroleum Limited (HASCOL -3.59%) and Dewan Farooque Motors Limited (DFML +0.61%), witnessed highest participation. The scrips had 28.45 mn shares, 17.87 mn shares and 16.45 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-377.18 pts), Power Generation and Distribution sector (-143.84 pts) and Technology and Communication sector (-106.67 pts). Company-wise, Bank Al Habib Limited (BAHL -131.51 pts), The Hub Power Company Limited (HUBC -108.09 pts) and Systems Limited (SYS -56.93 pts), were top points snatchers.

The Technology and Communication sector lost 2.87% in its cumulative market capitalization. Systems Limited (SYS -2.29%), Pakistan Telecommunication Company Limited (PTC -0.88%), TRG Pakistan Limited (TRG -4.72%) and Air Link Communication (AIRLINK -2.57%), all closed in red.

Values as at 04:15 PM