DAILY MARKET WRAP (1)

Political tensions rattled investors, triggering a sharp decline in the stock market on Friday. Throughout the day, indices experienced significant losses accompanied by a decrease in trading volume compared to preceding session. Analysts attributed the downturn to election outcomes, which nullified gains achieved earlier in the week.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.04% to $76.19. While Brent crude oil price was down by 0.17% to $81.49. (As at 4:50 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 0.09% WoW. Upon the opening bell, the index swiftly plummeted to day’s low of 61,781.76, shedding 2,362.11 pts, marking a decrease of 3.68%. However, it managed to partially recover, ending the session at 62,943.75 with a loss of 1,200.12 pts. The KMI 30 index plunged by 2,478.53 pts ending the day at 106,189.74. While the KSE All share index nosedived by 732.40 pts concluding the session at 42,581.61.

Overall market volume contracted from 325.63 mn shares in the last session to 257.89 mn shares. K-Electric Limited (KEL -4.32%), Oil and Gas Development Company Limited (OGDC -3.71%) and Pakistan Petroleum Limited (PPL -3.70%), witnessed highest market volumes. The scrips had 20.54 mn shares, 18.93 mn shares and 17.86 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included Oil and Gas Exploration sector (-250.46 pts), Banking sector (-233.11 pts) and Fertilizer sector (-157.28 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -109.75 pts), Pakistan Petroleum Limited (PPL -91.28 pts) and Engro Corporation Limited (ENGRO -62.55 pts), were top negative contributors.

The Refinery sector lost 3.91% in its cumulative market capitalization. Attock Refinery Limited (ATRL -3.72%), Cynergyico PK Limited (CNERGY -4.47%), National Refinery Limited (NRL -3.23%) and Pakistan Refinery Limited (PRL -3.26%), all closed in red.

Values as at 05:15 PM