DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed last trading session of the week in red. Indices traded in red for most part of the day while volume contracted compared to previous session. As per analysts, ambiguity surrounding the resolution of circular debt dented investors’ confidence.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.72% to $76.80. While Brent crude oil price was down by 0.41% to $82.09. (As at 4:50 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 0.84% WoW. During the session, it gained 236.29 pts climbing to day’s high of 64,534.30. It then hit day’s low of 63,743.40 falling by 554.60 pts. The index closed lower by 484.94 pts at 63,813.06. The KMI 30 index depreciated by 615.46 pts ending at 108,080.89. While the KSE All share index went down by 169.32 pts closing at 43,213.11.

Overall market volume shrank from 460.17 mn shares in the last session to 412.61 mn shares. Out of the total scrips traded 51.49% belonged to KSE 100 scrips. Highest participation was witnessed in Pakistan International Airlines Corp (PIAA +10.71%), K-Electric Limited (KEL -2.09%) and Oil and Gas Development Company Limited (OGDC +4.48%). The scrips had 66.18 mn shares, 47.11 mn shares 31.07 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included Banking sector (-134.79 pts), Fertilizer sector (-131.90 pts) and Technology and Communication sector (-62.33 pts). Company-wise, Mari Petroleum Company Limited (MARI -66.69 pts), Fauji Fertilizer Company Limited (FFC -61.42 pts), and Meezan Bank Limited (MEBL -34.96 pts), were top negative contributors.

The Fertilizer sector lost -1.59% in its cumulative market capitalization. Engro Corporation Limited (ENGRO -1.21%), Engro Fertilizer’s Limited (EFERT -1.31 pts), Fauji Fertilizer Company Limited (FFC -2.43%) and Fatima Fertilizer Company Limited (FATIMA -0.43%), all closed in red.

Values as at 04:13 PM