DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced further losses on Thursday. Indices traded in red for most part of the day while volume rose compared to previous session. As per analysts, investors traded with caution due to the ongoing Pak-Iran conflict.

Worldwide equity markets displayed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.73% to $73.01. While Brent crude oil price was up by 0.50% to $78.27. (As at 3:45 PM PST, Source: Investing.com).

The benchmark KSE 100 index inched up by 12.63 pts recording day’s high of 63,579.97. It then continued to spiral downwards till it reached day’s low of 62,528.56 losing 1,038.78 pts. The index settled lower by 364.93 pts at 63,202.40. The KMI 30 index lost 813.39 pts closing the session at 106,404.19. While the KSE All share index shed 254.99 pts ending at 42,813.54.

Investor activity surged from 420.63 mn shares in the last session to 445.66 mn shares. Top performers in terms of volume included K-Electric Limited (KEL -2.15%), Pakistan International Airlines Corp (PIAA +9.47%), and Worldcall Telecom Limited (WTL -2.26%). The scrips had 59.72 mn shares, 40.43 mn shares and 35.39 mn shares traded, respectively.

Sectors responsible for the decline in the benchmark KSE 100 index were, Power Generation and Distribution sector (-53.19 pts), Oil and Gas Exploration sector (-51.66 pts) and Automobile Assembler sector (-45.46 pts). Companies weighing the index down included Millat Tractors Limited (MTL -45.32 pts), Oil and Gas Development Company Limited (OGDC -42.71 pts) and The Hub Power Company Limited (HUBC -37.23 pts).

The Refinery sector lost 1.83% in its cumulative market capitalization. Attock Refinery Limited (ATRL 0.46%), Cynergyico PK Limited (CNERGY -4.09%), National Refinery Limited (NRL -1.15%) and Pakistan Refinery Limited (PRL -1.63%), all closed in red.

Values as at 04:12 PM