DAILY MARKET WRAP

Extending losses from the previous session, the Pakistan Stock Exchange (PSX) closed the session mid-week in red. Indices slipped lower and lower for most part of the day, with trading volume decreasing compared to previous session. Analysts noted that investors opted to retreat until there is more clarity regarding the upcoming budget.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.80% to $80.47. While Brent crude oil was up by 0.74% to $84.56. (As at 3:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially inched up to intraday high of 75,667.31 gaining 149.82 pts. It then continued to lose momentum till it hit day’s low of 74,760.10 losing 757.39 pts. It ultimately settled lower by 681.19 pts at 74,836.30. The KMI 30 index lost 1,246.27 pts closing the day at 123,313.21. While the KSE All share index was down by 490.37 pts to close the day at 48,419.47.

Investor activity lowered from 445.49 mn shares in the previous session to 407.71 mn shares. K-Elektric Limited (KEL -2.19%) continued to reign as volume leader with 38.65 mn shares exchanged. Followed by Worldcall Telecom Limited (WTL -2.19%) and Dewan Farooque Motors Limited (DFML -7.46%). The scrips had 22.38 mn shares and 19.35 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index south included, Oil and Gas Exploration sector (-209.09 pts), Banking sector (-137.89 pts) and Fertilizer sector (-110.08 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -89.93 pts), Pakistan Petroleum Limited (PPL -68.25 pts) and Bank Al Habib Limited (BAHL -63.39 pts), were top negative contributors.

The Refinery sector lost 1.11% in its cumulative market capitalization. Attock Refinery Limited (ATRL -1.67%), Cynergyico PK Limited (CNERGY -3.10%), National Refinery Limited (NRL -3.13%) and Pakistan Refinery Limited (PRL -2.25%), all closed in red.

Values as at 04:12 PM PST