- Pulse by Capital Stake
- Posts
- DAILY MARKET WRAP
DAILY MARKET WRAP
Negative End to the Week!
Bringing forth losses from previous session, the Pakistan Stock Exchange (PSX) ended the week in red. Indices swung high and low while volumes plunged from last close. Analysts owed the downward trend to short-term profit taking.
Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.16% to $76.77. While Brent crude oil price was down by 0.11% to $81.27. (As at 4:56 PM PST, Source: investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves rose by US$ 93 mn WoW. Net reserves with the State Bank appreciated by US$ 32 mn on weekly basis. While net reserves with banks were up by US$ 61 mn.
The benchmark KSE 100 index gained 1.95% on WoW. During the day, it oscillated between intraday high of 45,488.45 (gaining 221.49 pts) and intraday low of 45,043.17 (losing 223.79 pts). The index settled lower by 198.98 pts at 45,067.98. The KMI 30 index depreciated by 454.67 pts closing at 76,587.39. While the KSE All share index tumbled down by 31.61 pts ending at 30,329.14.
Total traded volume dried up from 488.48 mn shares in the previous session to 267.17 mn shares. Toppers of the volume chart consisted of Telecard Limited (TELE +8.33%), Worldcall Telecom Limited (WTL +0.00%), Unity Foods Limited (UNITY +4.20%). The scrips had 31.09 mn shares, 20.00 and 19.10 mn shares exchanged, respectively.
Sectors dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (69.13 pts), Technology and Communication sector (41.00 pts) and Cement sector (37.23 pts). Company-wise, Engro Corporation Limited (ENGRO 33.25 pts), Oil and Gas Development Company Limited (OGDC 26.76 pts), Pakistan Petroleum Limited (PPL 25.50 pts), were top negative contributors.
The Oil and Gas Exploration sector lost 1.16% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 1.59%), Mari Petroleum Company Limited (MARI 0.14%), Pakistan Petroleum Limited (PPL 1.82%) and Pakistan Oil fields Limited (POL 0.92%), all ended in red.
Values as at 05:08 PM PST