DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed the week on a negative note. The benchmark KSE 100 index plummeted by over 2,000 points during early hours of trade. Volumes appreciated compared to prior session. Analysts attribute the decline to investor panic selling driven by apprehensions over the forthcoming budget.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.62% to $76.02. While Brent crude oil was up by 0.51% to $80.28. (As at 4:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 2.80% WoW. During the session, the benchmark KSE 100 index plunged to day’s low of 71,781.96 losing 2,080.97 pts. It then gained 39.85 pts recording day’s high of 73,902.79. The index closed the week lower by 108.91 pts at 73,754.02. The KMI 30 index ended the day lower by 354.60 pts at 122,124.14. While the KSE All share index shed 205.67 pts to end the day at 47,464.93.

Overall market volume grew from 352.47 mn shares the previous session to 559.13 mn shares. Pervez Ahmed Consultancy Services Limited (PASL +114.29%), Fauji Cement Company Limited (FCCL +3.87%) and Worldcall Telecom Limited (WTL +0.76%) dominated the volume chart. The scrips had 78.93 mn shares, 34.40 mn shares and 28.27 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Banking sector (-240.43 pts), Oil and Gas Exploration sector (-93.09 pts) and Food and Personal Care Products sector (-34.48 pts). Company-wise, Meezan Bank Limited (MEBL -126.99 pts), Pakistan Petroleum Limited (PPL -53.16 pts) and Habib Bank Limited (HBL -36.79 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 1.00% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -1.09%), Pakistan Petroleum Limited (PPL -2.14%), Mari Petroleum Company Limited (MARI -0.40%) and Pakistan Oilfields Limited (POL -0.15%), all closed in red.

Values as at 05:12 PM