DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed another session flat on Thursday. Indices swung between both zones while volume shrank compared to previous session. As per analysts, investors refrained from making big moves as concerns over a weakening rupee and escalating external debts, compounded by uncertainties surrounding new IMF conditions, rattled their confidence.

Worldwide equity markets displayed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.87% to $78.44. While Brent crude oil price was down by 0.86% to $82.25. (As at 3:56 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index swayed between intraday high of 65,874.15 (gaining 217.53 pts) and intraday low of 65,187.69 (losing 468.94 pts). The index eventually settled flat by negative 53.53 pts at 65,603.09. The KMI 30 index appreciated by 82.14 pts closing the session at 111,033.67. While the KSE All share index grew by 15.31 pts ending the session at 43,469.50.

Investor participation dropped from 419.63 mn shares in the last session to 353.96 mn shares. Pak Elektron Limited (PAEL +7.44%), Telecard Limited (TELE +1.06%) and Pakistan International Airlines Corporation Limited (PIAA +7.51%), dominated the volume chart. The scrips had 31.07 mn shares, 22.64 mn shares and 21.56 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Banking sector (-101.22 pts), Fertilizer sector (-54.23 pts) and Food and Personal Care Products sector (-18.69 pts). Company-wise, Bank Al Habib Limited (BAHL -37.09 pts), MCB Bank Limited (MCB -30.22 pts) and Engro Corporation Limited (ENGRO -27.80 pts), drove the index south.

The Technology and Communication sector lost 0.22% in its cumulative market capitalization. Systems Limited (SYS -0.32%), Pakistan Telecommunication Company Limited (PTC -0.41%), TRG Pakistan Limited (TRG -0.64%) Netsol Technologies Limited (NETSOL -2.80%) all closed in red.

Values as at 04:12 PM