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DAILY MARKET WRAP
Negative Sentiments Prevail at PSX!
Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) on Wednesday. Indices traded in red for most part of the day, while investor participation remained low. Equity markets around the world showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.04% to $80.96. While Brent crude oil price was down by 0.01% to $84.88. (As at 3:58 PM PST, Source: Investing.com).
On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), the large-scale manufacturing index (LSMI) output decreased by 14.96% for June, 2023 as compared with SPLY and increased by 0.98% when compared with May'23. Overall large-scale manufacturing sector showed a decline of 10.26% during July-June 2022-23 when compared with SPLY.
The benchmark KSE 100 index inched up by 48.72 pts recording intraday high of 48,614.47. Bears then took over and the index slipped to day’s low of 48,108.88 losing 456.88 pts. It settled lower by negative 419.32 pts at 48,146.44. The KMI 30 index went down by 728.08 pts ending at 80,951.96. While the KSE All share index was down by 315.27 pts closing at 31,909.66.
Overall market volume depreciated from 250.45 mn shares in the previous session to 194.26 mn shares. K-Electric (KEL -2.97%), Dewan Farooq Motors Limited (DFML +7.53%) and Oil and Gas Development Company Limited (OGDC -2.98%) were top contributors to the volume chart. The scrips had 19.29 mn shares, 14.11 mn shares and 10.92 mn shares exchanged, respectively.
Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (118.60 pts), Fertilizer sector (83.67 pts) and Banking sector (47.64 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 55.97 pts), Fauji Fertilizer Company Limited (FFC 41.81 pts), Pakistan Oilfields Limited (POL 33.57 pts), were top negative contributors.
The Refinery sector lost 2.03% in its cumulative market capitalization. Attock Refinery Limited (ATRL 0.95%), Cynergyico PK Limited (CNERGY 4.61%), National Refinery Limited (NRL 1.77%) and Pakistan Refinery Limited (PRL 2.71%), all closed in red.
Values as at 04:07 PM PST