DAILY MARKET WRAP

Falling to sustain the gains made in previous session, the Pakistan Stock Exchange (PSX) closed the session on Monday in red. Although indices started trading positively, they soon reversed course and ended the session lower. According to analysts, apprehensions about the upcoming budget overshadowed any excitement generated by the low inflation rate.

Global equity markets showed mixed trend. Crude oil prices moved south, with WTI crude oil falling by 0.10% to $76.91. While Brent crude oil was down by 0.06% to $81.03. (As at 3:43 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially touched day’s high of 76,209.97 gaining 331.49 pts before losing momentum and hitting day’s low of 75,495.38 (down by 383.09 pts). It closed the session lower by 303.22 pts at 75,575.26. The KMI 30 index slipped by 656.54 pts closing the day at 125,123.33. While the KSE All share index shed 23.93 pts to close the day at 48,804.39.

Investor activity dropped from 523.15 mn shares in the previous session to 441.15 mn shares. Toppers of the volume chart were Fauji Cement Company Limited (FCCL +0.90%), K-Electric Limited (KEL +1.01%) and PIA Holding Company Limited (PIAHCLA +6.38%). The scrips had 32.84 mn shares, 31.65 mn shares and 25.57 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-159.45 pts), Fertilizer sector (-121.19 pts) and Oil and Gas Exploration sector (-43.62 pts). Company-wise, Systems Limited (SYS -59.57 pts), Fauji Fertilizer Company Limited (FFC -45.88 pts) and Meezan Bank Limited (MEBL -42.62 pts), were top points snatchers.

The Banking sector lost 0.83% in its overall market capitalization. Meezan Bank Limited (MEBL -1.04%), United Bank Limited (UBL -0.60%), MCB Bank Limited (MCB -0.60%), Habib Bank Limited (HBL -0.85%), all closed in red.

Values as at 04:13 PM PST