DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended first trading session of the week on a negative note. Indices swayed in both directions, while volumes decreased from last close. Equity markets around the globe showed positive trend. Crude oil prices went north with WTI crude oil price rising by 5.60% to $79.91. While Brent crude oil price was up by 5.50% to $84.28. (As at 2:31 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), CPI inflation increased to 35.40% on YoY basis in Mar'23 as compared to an increase of 31.50% in Feb'23 & 12.70% in SPLY. On MoM basis, it increased to 3.70% in Mar'23 as compared to an increase of 4.30% in Feb'23 and an increase of 0.80% in SPLY.

Accumulating 76.94 pts, the benchmark KSE 100 index recorded intraday high of 40,077.77. Failing to sustain the positive momentum, it fell to day’s low of 39,860.62 (down by 140.21 pts). It ended lower by 110.93 pts at 39,889.90. The KMI 30 index fell by 53.46 pts closing at 69,284.47. While the KSE All share index lost 94.66 pts setting at 26,333.83.

Overall market volumes dropped from 112.19 mn shares in last session to 74.42 mn shares. Telecard Limited (TELE +8.07%), Worldcall Telecom Limited (WTL-0.85%) and Pak Electron Limited (PAEL -4.16%) witnessed highest market participation. The scrips had 17.78 mn shares, 3.71 mn shares and 3.57 mn shares traded, respectively. Out of the total scrips traded, 109 advanced, 166 declined and 272 remained unchanged.

Sectors dragging the benchmark KSE 100 index south included, Cement sector (41.34 pts), Fertilizer sector (28.23 pts) and Banking sector (27.43 pts). Company-wise, Fauji Fertilizer Company Limited (FFC 24.97 pts), Engro Corporation Limited (ENGRO 17.56 pts) and Millat Tractors Limited (MTL 16.91 pts), were top negative contributors.

The Oil & Gas Marketing Companies sector lost 1.58% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 2.36%), Sui Northern Gas Pipe line Limited (SNGP 1.15%), Shell Pakistan Limited (SHEL 1.72%) and Hascol Petroleum Limited (HASCOL 1.01%) all closed in red.

Values as at 02:27 PM PST