DAILY MARKET WRAP

Failing to carry forward positive momentum from morning session, the Pakistan Stock Exchange (PSX) closed first trading session of the week in red. Indices slipped lower during the second half due to the blast at a mosque in Peshawar’s Police Lines area.

Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.08% to $79.62. While Brent crude oil price was down by 0.01% to $86.39. (As at 3:55 PM PST, Source: Investing.com).

On the economic front as per news reports, the Government of Pakistan has decided to raise petrol prices by Rs.35 from Rs.214.80 to Rs.249.80. Base price increased by Rs.19.59 to Rs.177.47 (71% of total cost). Retailer and freight cost increased by Rs15.41 to Rs 22.33. Petroleum levy & sales tax remains unchanged at Rs 50 and zero, respectively.

Gaining 216.43 pts the benchmark KSE 100 index recorded intraday high of 40,666.96. The index then drove in reverse direction recording day’s low of 39,844.39 (down by 606.14 pts). It ended lower by 579.26 pts closing at 39,871.27. The KMI 30 index declined by 736.71 pts settling at 67,995.54. While the KSE All Share index fell short by 248.18 pts ending at 26,673.22.

Overall market volumes depreciated from 188.85 mn shares in the previous session to 140.31 mn shares. Top contributors to the volume chart were, Pakistan Refinery Limited (PRL 0.37%), Cnergyico PK Limited (CNERGY -0.26%) and Engro Polymer and Chemicals Limited (EPQL +1.89%). The scrips had 21.14 mn shares, 11.81 mn shares and 6.69 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index lower included, Banking sector (141.62 pts), Miscellaneous sector (84.67 pts), and Fertilizer sector (82.54 pts). Company-wise, Pakistan Services Limited (PSEL 85.17 pts), Habib bank Limited (HBL 63.83 pts) and Fauji Fertilizer Company Limited (FFC 49.27 pts), were top negative contributors.

The Cement sector lost 2.24% in its cumulative market capitalization. Lucky Cement Limited (LUCK 0.70%), Bestway Cement Limited (BWCL 1.47%), Fauji Cement Limited (FFCL 4.02%) and Kohat Cement Company Limited (KOHC 4.18%), all closed in red.

Values as at 04:09 PM PST