DAILY MARKET WRAP

Bears of the Pakistan Stock Exchange (PSX) reappeared finishing the week on a negative note. Indices oscillated between both directions until finally closing in red. While volume shrank compared to previous session.

Equity markets worldwide showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.49% to $80.86. While Brent crude oil price was up by 0.52% to $84.98. (As at 12:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 1.49% WoW. Gaining 289.40 pts, the benchmark KSE 100 index climbed to day’s high of 65,353.66. It then fell to day’s low of 64,759.61 losing 304.66 pts. The index settled lower by 247.80 pts at 64,816.47. The KMI 30 index slipped by 436.15 pts closing the session at 110,060.32. While the KSE All shares index concluded the session at 43,157.02 with a loss of 105.90 pts.

Overall market volume dropped from 315.12 mn shares in the previous session to 259.36 mn shares. Highest participation was witnessed in Hascol Petroleum Limited (HASCOL +2.15%), Cynergyico PK Limited (CNERGY -2.95%), and Worldcall Telecom Limited (WTL -0.74%). The scrips had 56.96 mn shares, 19.64 mn shares and 16.55 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index into the red zone included, Oil and Gas Exploration sector (-85.70 pts), Power Generation and Distribution sector (-32.51 pts) and Oil and Gas Marketing sector (-28.79 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -62.24 pts), The Hub Power Company Limited (HUBC -30.18 pts) and Pakistan Petroleum Limited (PPL -27.97 pts), were top points snatchers.

The Refinery sector lost 1.94% in its cumulative market capitalization. Attock Refinery Limited (ATRL -1.30%), Cynergyico PK Limited (CNERGY -2.95%), National Refinery Limited (NRL -2.13%) and Pakistan Refinery Limited (PRL -1.33%), all closed in red.

Values as at 01:12 PM