DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) failed to maintain the gains from the previous trading day, closing the session on Thursday in red. Initially, the indices showed positive movement; however, this trend quickly reversed, leading to a drop by the end of the day. Investors appeared cautious, reflecting uncertainties in the market. While the trading volume appreciated as compared to the prior session.

Global equity markets showed mixed trends. Crude oil prices moved south, with WTI crude oil falling by 0.09% to $70.33. While Brent crude oil was down by 0.04% to $74.19. (As at 3:44 PM PST, Source: Investing.com).

The benchmark KSE 100 index surged to a daily high of 86,520.29 gaining 314.63 pts driven by bullish momentum. However, bears soon took control pulling the index down to a low of 85,539.20 losing 666.47 pts. By the end of the session, the index closed 620.23 pts lower at 85,585.43. The KMI 30 index also saw a decline losing 877.55 pts to close at 129,679.23, while the KSE All Share index fell by 348.61 pts ending the day at 54,944.03.

Overall market volume grew from 473.41 mn shares in the previous session to 513.14 mn shares. Pakistan Refinery Limited (PRL +6.01%), Fauji Foods Limited (FFL +7.12%) and The Searle Company Limited (SEARL -0.11%) dominated the volume chart. The scrips had 57.83 mn shares, 57.33 mn shares and 30.39 mn shares traded, respectively.

Sectors contributing to the downward pressure on the benchmark KSE 100 index included the Banking sector which declined by 203.56 pts, the Oil and Gas Exploration sector which decreased by 144.40 pts and the Power Generation and Distribution sector which fell by 137.23 pts. On a company level, the primary negative contributors were The Hub Power Company Limited (HUBC) which lost 136.90 pts, MCB Bank Limited (MCB) which dropped by 89.22 pts and Pakistan Oilfields Limited (POL) declining by 59.03 pts.

The Power Generation and Distribution sector lost 1.93% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -4.30%), K – Electric Limited (KEL -2.08%), Kot Addu Power Company Limited (KAPCO -1.41%), and Engro Powergen Qadirpur Limited (EPQL -1.18%), all closed in red.

Values as at 04:15