DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed tug-of-war between bulls and bears where the latter turned out victorious. Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.84% to $68.19. While Brent crude oil price was up by 0.81% to $74.28. (As at 4:01 PM PST, Source: Invetsing.com). Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.4313/US$ (0.15%) against the US Dollar on DoD basis ending the session at PKR 282.4203/US$.

Accumulating 244.99 pts the benchmark KSE 100 index recorded intraday high of 42,119.03. Failing to sustain the gains the index dropped to day’s low of 41,639.50 losing 234.54 pts. It ended lower by 179.95 pts at 41,694.09. The KMI 30 index declined by 521.92 pts closing at 71,969.54. While the KSE All Share index was down by 101.60 pts settling at 27,308.09.

Overall market volumes inched up from 233.25 mn shares in last session to 234.68 mn shares. Telecard Limited (TELE +1.47%) led the volume chart with 14.29 mn shares exchanged. Followed by Ghani Global Holdings Limited (GGL +4.04%) and Maple Leaf Cement Factory Limited (MLCF -1.42%). The scrips had 14.28 mn shares, 11.91 mn shares and 11.82 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index lower included, Oil and Gas Exploration sector (114.04 pts), Miscellaneous sector (66.97 pts) and Investment Banking sector (23.29 pts). Company-wise, Pakistan Services Limited (PSEL 67.48 pts), Pakistan Oilfields Limited (POL 57.18 pts) and Oil and Gas Development Company Limited (OGDC 28.70 pts), were top negative contributors.

The Power Generation & Distribution sector lost 0.67% in its cumulative market capitalization. Hub Power Company Limited (HUBC 0.77%), K-Electric Limited (KEL 0.93%) and Saif Power Limited (SPWL 1.10%) all closed in negative.

Values as at 04:11 PM PST