DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to move south on Friday. Indices slipped lower and lower for most of the day while volume dropped compared to the prior session. As per analysts, the downward trend was primarily due to profit taking.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.28% to $78.06. While Brent crude oil price was down by 0.42% at $82.02. (as at 4:43 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index lost 2.61% WoW. During the session, the index climbed to intraday high of 78,569.89 gaining 100.56 pts. It then fell to day’s low of 77,921.48 losing 547.86 pts. The index closed the week lower by 439.82 pts at 78,029.51. The KMI 30 index fell by 857.26 pts ending the day at 124,435.39. While the KSE All share index depreciated by 331.05 pts to close the day at 49,603.99.

Investor activity fell from 327.17 mn shares in the last session to 278.15 mn shares. K-Elektric Limited (KEL -1.84%), Sui Northern Gas Pipelines Limited (SNGP -3.62%) and Worldcall Telecom Limited (WTL -1.70%), led the volume chart. The scrips had 15.22 mn shares, 14.83 mn shares and 14.22 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index south included, Oil and Gas Exploration sector (-106.58 pts), Technology and Communication sector (-59.61 pts) and Fertilizer sector (-57.71 pts). Company-wise, Habib Bank Limited (HBL -52.37 pts), Oil and Gas Development Company Limited (OGDC -46.15 pts) and Meezan Bank Limited (MEBL -44.08 pts), were top points snatchers.

The Refinery sector lost 1.85% in its cumulative market capitalization. Attock Refinery Limited (ATRL -0.51%), Cynergyico PK Limited (CNERGY -1.09%), National Refinery Limited (NRL -3.04%) and Pakistan Refinery Limited (TRG -1.81%), all closed in negative territory.

Values as at 05:12 PM