DAILY MARKET WRAP

Volatility overshadowed the Pakistan Stock Exchange (PSX) on Wednesday, with indices experiencing significant fluctuations before ultimately closing lower. Trading volume also decreased compared to the previous session. Analysts attributed the bearish market trend to investor apprehension regarding upcoming talks with the IMF.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.61% to $84.84. While Brent crude oil price was down by 0.59% to $89.49. (As at 3:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index oscillated between intraday low of 70,037.28 (losing 446.38 pts) and intraday high of 70,725.50 (gaining 241.84 pts). It settled lower by 150.34 pts at 70,333.32. The KMI 30 index lost 635.04 pts closing at 117,599.94. While the KSE All share index shed 63.90 pts ending the day at 46,233.00.

Investor participation lowered from 548.26 mn shares in the previous session to 441.51 mn shares. Out of the total scrips traded, 50.24% belonged to KSE 100 scrips. Leaders of the volume chart were Pakistan Refinery Limited (PRL +4.72%), Fauji Cement Company Limited (FCCL +3.94%) and Kohinoor Spinning Mills Limited (KOSM +2.05%). The scrips had 39.12 mn shares, 27.95 mn shares and 26.48 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index south included, Fertilizer sector (+141.35 pts), Oil and Gas Exploration sector (-94.28 pts) and Oil and Gas Marketing sector (-31.08 pts). Company-wise, Engro Fertilizer Limited (EFERT -46.76 pts), Oil and Gas Development Company Limited (OGDC -43.55 pts) and Engro Corporation Limited (ENGRO -43.10 pts), were top negative contributors.

The Oil and Gas Marketing sector lost 1.31% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO -2.06%), Sui Northern Gas Pipelines Limited (SNGP -1.41%), Attock Petroleum Limited (APL -1.10%) and Sui Southern Gas Company Limited (SSGC -1.69%), all closed in red.

Values as at 04:15 PM