DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its trend of sluggish trading on Friday. The indices fluctuated throughout the session before ending in the red and dropped 82,000 marks, with trading volumes decreasing compared to the previous day.

Equity markets around the world showed mixed trends. Crude oil prices moved north with WTI crude oil prices rising by 0.41% to $67.95. While Brent crude oil price was up by 0.31% to $71.31. (As at 4:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 0.95% on WoW. During the day, the index swung between an intraday peak of 81,842.75 gaining 184.78 pts and a low of 81,183.50 losing 474.46 pts. It eventually settled 365.83 pts lower at 81,292.13. Similarly, the KMI 30 index declined by 598.57 pts ending at 125,294.74, while the KSE All Share index slipped by 291.79 pts closing at 51,978.02.

Total traded volume dried up from 423.30 mn shares in the previous session to 338.89 mn shares. Toppers of the volume chart consisted of K-Electric Limited (KEL -4.43%), Worldcall Telecom Limited (WTL -2.44%) and The Hub Power Company Limited (HUBC +0.53%). The scrips had 50.67 mn, 32.41 mn, and 16.26 mn shares traded, respectively.

The sectors dragging the KSE 100 index into negative territory were the Banking sector (-266.25 pts), the Oil and Gas Exploration sector (-83.27 pts) and the Oil and Gas Marketing Companies sector (-40.76 pts). Key contributors to the index's decline were Mari Petroleum Company Limited (MARI -83.20 pts), United Bank Limited (UBL -80.16 pts), and Engro Corporation Limited (ENGRO -45.23 pts).

The Banking sector lost 1.29% in its cumulative market capitalization. Meezan Bank Limited (MEBL -0.59%), United Bank Limited (UBL -1.27%), MCB Bank Limited (MCB -1.72%) and Standard Chartered Bank (Pak) Limited (SCBPL -1.44%), all closed in red.

Values as at 05:15