DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) took a U-turn from the previous session closing last session of the week in red. Indices slipped lower and lower for most part of the day while volumes dwindled from previous close. Crude oil prices moved south with WTI crude oil price falling by 0.08% to $75.82. While Brent crude oil price was down by 0.09% to $82.10. (As at 4:56 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), the country's exports contracted by 15.42% YoY, while imports fell by 19.55% in the same period. Resulting in a decline in trade deficit of 22.71% (down to US$ 2,645 mn).

Moreover, as per data published by the State Bank, total foreign exchange reserves went down by US$712 mn on WoW basis. Total reserves of the country dropped to USD 8.74bn. Whereas reserves with the State Bank fell to USD 3.10bn.

The benchmark KSE 100 index gained 0.05% on WoW. During the day, the index swung between intraday high of 40,872.87 (gaining 139.36 pts) and intraday low of 40,329.75 (losing 403.76 pts). It settled lower by 262.35 pts at 40,471.16. The KMI 30 Index slipped by 580.27 pts closing at 69,348.36. While the KSE All share index lost 158.56 pts ending at 26,973.86.

Overall market volumes deteriorated from 123.14 mn shares in the last session to 104.55 mn shares. Highest participation was witnessed in The Hub Power Company Limited (HUBC +2.27%), Cnergyico PK limited (CNERGY -3.38%) and Dewan Farooq Motors Limited (DFML -1.52%). The scrips had 7.91 mn shares, 7.49 mn shares and 5.68 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included, Miscellaneous sector (77.70 pts), Fertilizer sector (51.67 pts) and Banking sector (43.67 pts). Company-wise, Pakistan Services Limited (PSEL 75.80 pts), Engro Corporation Limited (ENGRO 47.25 pts), and Systems Limited (SYS 34.08 pts), dragged the index downwards.

The Refinery sector lost 2.21% in its cumulative market capitalization. Cnergyico PK Limited (CNERGY 3.38%), Attock Refinery Limited (ATRL 1.59%), National Refinery Limited (NRL 1.17%) and Pakistan Refinery Limited (PRL 1.47%), all closed in red.

Values as at 05:08 PM PST