DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to move south on Friday. Indices steadily lost ground throughout the session. Market activity was subdued, as trading volumes fell compared to the previous day, reflecting cautious investor sentiment.

Worldwide equity markets showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.25% to $70.49. Meanwhile, Brent crude oil price was down by 0.34% at $74.20. (as at 4:53 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index lost 0.21% WoW. During the session, the index climbed to an intraday high of 85,773.83 gaining 188.40 pts. It then fell to the day’s low of 85,120.90 losing 464.53 pts. The index closed the week lower by 335.34 pts at 88,250.09. The KMI 30 index fell by 410.25 pts ending the day at 129,268.98. While the KSE All share index depreciated by 16.79 pts to close the day at 54,927.25.

Investor activity went down from 513.14 mn shares in the last session to 323.83 mn shares. The highest participation was witnessed in Pakistan Refinery Limited (PRL -9.72%), The Hub Power Company Limited (HUBC +5.12%) and Worldcall Telecom Limited (WTL -0.83%). The scrips had 28.46 mn shares, 19.74 mn shares and 14.95 mn shares exchanged, respectively.

The KSE-100 index saw significant pressure from the Fertilizer sector (-208.06 pts), the Oil and Gas Exploration sector (-183.45 pts), and the Oil and Gas Marketing sector (-68.14 pts). On a company level, major drags included Fauji Fertilizer Company Limited (FFC) shedding 137.94 pts, followed by Pakistan Oilfields Limited (POL) with a 94.29 pts drop and Pakistan Petroleum Limited (PPL), which pulled the index down by 57.04 pts.

The Oil and Gas Marketing sector lost 2.82% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO -3.13%), Attock Petroleum Limited (APL -3.37%), Sui Northern Gas Pipelines Limited (SNGP -2.65%), and Shell Pakistan Limited (SHEL -2.64%), all closed in negative territory.

Values as at 05:15