DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) caved in to profit taking after the market recorded unparalleled gains on Wednesday, ending the session in red. Indices swung between both zones while volumes dropped compared to previous session.

Global equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.33% to $77.43. While Brent crude oil price was up by 1.13% to $82.39. (As at 3:54 PM PST, Source: Investing.com).

Gaining 825.57 pts, the benchmark KSE 100 index flew past the 61,000-mark recording intraday high of 61,555.84. Bears then took over dragging the index to day’s low of 60,328.18 with a loss of 402.09 pts. It settled lower by 228.27 pts ending the session at 60,502.00. The KMI 30 index shed 225.15 pts closing at 101,024.72. While the KSE All share index dropped by 128.80 pts settling at 40,272.25.

Overall market volume contracted from 778.11 mn shares in the last session to 689.67 mn shares. Out of the total scrips traded 49.78% belonged to KSE 100 scrips. The Bank of Punjab (BOP +2.94%), Cynergyico PK Limited (CNERGY +0.00%) and Pakistan Refinery Limited (PRL -1.81%) dominated the volume chart. The scrips had 50.05 mn shares, 35.69 mn shares and 35.41 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index south included, Banking sector (-117.71 pts), Power Generation and Distribution sector (-39.34 pts) and Oil and Gas Exploration sector (-36.08 pts). Company-wise, Habib Bank Limited (HBL -65.74 pts), Meezan Bank Limited (MEBL -34.92 pts) and The Hub Power Company Limited (HUBC -34.30 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 0.51% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -0.72%), Mari Petroleum Company Limited (MARI -0.99%) and Pakistan Petroleum Limited (PPL -1.31%), all closed in red.

Values as at 04:08 PM PST