DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a topsy-turvy session flat on mid-week. Indices traded in green for majority of the day, edging towards the red zone near the session’s end before finally settling flat. Market volume surged compared to previous session. As per analysts, investors remained cautious, awaiting developments as the new government prepared to initiate discussions for the final IMF review.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.95% to $78.89. While Brent crude oil price was up by 0.63% to $82.56. (As at 3:58 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index oscillated between intraday high of 66,150.95 (up by 424.91 pts) and intraday low of 65,603.88 (down by 122.16 pts). The index settled flat by negative 69.42 pts at 65,656.62. The KMI 30 index dipped into the red zone with a loss of 329.70 pts closing the session at 110,951.53. While the KSE All share index was up by 30.52 pts ending the day at 43,454.19.

Investor participation swelled from 396.40 mn shares in the last session to 419.63 mn shares. Volume leaders of the session were, Cynergyico PK Limited (CNERGY +0.87%), Pakistan International Airlines Limited (PIAA +5.15%) and Pakistan Refinery Limited (PRL -1.52%). The scrips had 30.68 mn shares, 28.09 mn shares and 28.04 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Fertilizer sector (-69.36 pts), Technology and Communication sector (-46.56 pts) and Oil and Gas Exploration sector (-35.32 pts). Company-wise, Engro Corporation Limited (ENGRO -45.81 pts), Mari Petroleum Company Limited (MARI -43.80 pts) and TRG Pakistan Limited (TRG -24.34 pts), were top negative contributors.

The Power Generation and Distribution sector lost 0.06% in its cumulative market capitalization. Engro Powergen Qadirpur Limited (EPQL -0.49%), K-Electric Limited (KEL -3.68%), Pakgen Power Limited (PKGP -2.06%) and Nishat Power Limited (NPL -0.53%), all closed in red.

Values as at 04:14 PM