DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended last session of the week in red. Indices slipped lower and lower for most part of the session, while volumes depreciated from previous close. As per analysts, delay in staff-level agreement with the International Monetary Fund (IMF) for the completion of the ninth review acted as a negative trigger for investors.

Equity markets around the world showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 2.01% to $79.63. While Brent crude oil price was up by 2.05% to $86.23. (As at 4:49 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), total liquid foreign exchange reserves went down by US$ 202 mn WoW. Net reserves with the State Bank declined by US$ 170 mn (lowest since Feb'14) on weekly basis. While net reserves with banks fell by US$ 33 mn.

The benchmark KSE 100 index gained +3.14% WoW. During the day, the index gained 77.88 pts to record intraday high of 42,544.47. It then dropped to day’s low of 41,663.22 with a loss of 803.37 pts. The index settled lower by 724.81 pts at 41,741.78. The KMI 30 index plunged by 1,580.24 pts closing at 72,189.53. While the KSE All share index lost 391.65 pts ending at 27,866.69.

Total traded volumes dwindled from 366.62 mn shares in the last session to 281.63 mn shares. Oil and Gas Development Company Limited (OGDC -4.61%) was volume leader of the session with 38.67 mn shares traded. Followed by Pakistan Petroleum Limited (PPL -4.57%) and Worldcall Telecom Limited (WTL -5.22%). The scrips had 28.01 mn shares and 27.48 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (202.31 pts), Fertilizer sector (99.49 pts), Banking sector (99.16 pts). Oil and Gas Development Company Limited (OGDC 83.23 pts), Pakistan Petroleum Limited (PPL 70.84 pts) and The Hub Power Company Limited (HUBC 67.48 pts), were top negative contributors.

The Power Generation and Distribution sector lost 3.76% in its cumulative market capitalization. Th e Hub Power Company Limited (HUBC 4.17%), K-Electric Limited (KEL 5.04%), Kot Addu Power Company Limited (KAPCO 1.00%) and Pakgen Power Limited (PKGP 6.49%), all closed in red.

Values as at 05:07 PM PST