DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed a mid-week shift as bears regained control. Initially, the market displayed optimism and the benchmark KSE 100 index crossed 67,000-mark intraday. However, trend reversed in the final hour of trade and indices spiraled down eventually closing in red. Market volumes appreciated compared to previous session. As per analysts, investors retreated following Supreme Court’s decision regarding military trials for civilians.

Global equity markets showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.31% to $68.82. While Brent crude oil price was up by 0.26% to $73.37. (As at 3:59 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index surged to a peak of 67,093.96 gaining 667.18 pts. Later on, it sharply declined to day's low of 64,427.39 losing a substantial 1,999.40 pts in a single day. The index settled lower by 1,146.62 pts or 1.73% at 65,280.16. The KMI 30 index shed 1,778.80 pts closing at 110,403.86. While the KSE All share index was down by 813.09 pts ending at session at 43,279.65.

Total market volume appreciated from 968.31 mn shares in the last session to 1.36 bn shares. Worldcall Telecom Limited (WTL -7.30%), The Bank of Punjab Limited (BOP +3.97%) and K-Electric Limited (KEL -0.44%) led the volume chart. The scrips had 153.67 mn shares, 106.28 mn shares, 90.07 mn shares exchanged, respectively.

Sectors weighing the benchmark KSE 100 index down included, Banking sector (-268.84 pts), Fertilizer sector (-232.53 pts) and Technology and Communication sector (-110.59 pts). Company-wise, Engro Fertilizers Limited (EFERT -83.84 pts), Fauji Fertilizer Company Limited (FFC -79.80 pts) and TRG Pakistan Limited (TRG -70.17 pts), were top point snatchers.

The Refinery sector lost 1.73% in its cumulative market capitalization. Attock Refinery Limited (ATRL -0.92%), National Refinery Limited (NRL -4.53%) and Cynergyico PK Limited (CNERGY -3.59%) all closed negative.

Values as at 04:15 PM