KARACHI: The Pakistan Stock Exchange (PSX) failed to sustain bullish momentum from the previous week, as the benchmark index, after crossing 46,000-mark for the first time since April 2018, lost control and ended in the red.
Global equity markets, on the other hand, displayed optimism, whereas crude oil prices dipped lower from the previous close; WTI oil price falling 0.84pc to $51.80, while Brent crude price declining 1.41pc to $55.20 (as at 3:55pm PST).
“The index crossed another milestone of 46K on Monday, but profit booking, mainly in banking and oil & gas marketing sectors, dented the market badly,” a report issued by Arif Habib Ltd read. “International crude prices remained range bound, which caused lackluster activity in E&P stocks, whereas fertilizer stocks inched up on the expectation of an increase in urea prices, albeit profit booking kept the rise in check.”
The benchmark KSE-100 Index started the day on a positive note, recording its intraday high at 46,109.36 after accumulating 455.02 points. The index, however, lost momentum thereon and fell to its intraday low at 45,529.48 (-124.86 points). It finally settled lower by 48.92 points at 45,605.42.
Among other indices, the KMI-30 Index lost 170.44 points to end at 73,819.69, while the KSE All Share Index dropped 50.29 points, closing at 31,839.24.
The overall market volumes declined from 696.4 million shares in the previous session to 588.0 million shares (-16pc). Average traded value also dipped 18pc, from $ 135.1 million to $110.6 million. Silk Bank Ltd (SILK +11.93pc), Hum Network Ltd (HUMNL +15.5pc) and Byco Petroleum Pakistan Ltd (BYCO -4.90pc) led the volume chart, exchanging 69.92 million, 64.06 million and 61.52 million shares, respectively.
Sectors that dragged the benchmark index lower included banking (-43.90 points), textile composite (-21.49 points) and technology & communication (-19.82 points). Among the companies, United Bank Ltd (UBL -22.91 points), Meezan Bank Ltd (MEBL -19.96 points) and Pakistan Petroleum Ltd (PPL -15.13 points) dented the index the most.
Losing 0.25pc from its total market capitalization, the oil & gas exploration sector ended as the session’s worst performer, with POL, PPL and OGDC positing losses.