DAILY MARKET WRAP

Bears conquered the Pakistan Stock Exchange (PSX) on last trading session of the week. Indices plunged shortly after starting out on a positive note whereas volumes fell from last close. As per analysts, the news of Saudi Arabia had conveyed its commitment to the International Monetary Fund (IMF) for its bilateral financial support to Pakistan, failed to cheer investors.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.17% to $80.47. While Brent crude oil price was down by 0.06% to $84.94. (As at 2:23 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s total liquid foreign exchange reserves went down by US$56 mn WoW basis. Net reserves with the State Bank fell by US$ 36 mn on weekly basis. Net reserves with banks on the other hand declined by US$ 20 mn.

The benchmark KSE 100 index gained 0.12% on WoW basis. During the day, the index recorded intraday high of 40,549.86 gaining 198.97 pts. It then fell to day’s low of 40,005.04 losing 345.85 pts. It ended lower by 301.24 pts at 40,049.65. The KMI 30 index lost 672.67 pts closing at 69.759.98. While the KSE All Share index declined by 217.66 pts settling at 26,401.74.

Overall market volumes fell from 171.33 mn shares in last session to 135.07 mn shares. JS Bank Limited (JSBL -0.49%) topped the volume chart. Followed by Worldcall Telecom Limited (WTL -3.28%) and Silkbank Limited (SILK -7.21%). The scrips had 26.21 mn shares, 13.12 mn shares and 10.13 mn shares traded, respectively.

Sectors pushing the benchmark KSE 100 lower included, Oil and Gas Exploration sector (96.74 pts), Fertilizer sector (56.69 pts) and Technology and Communications sector (29.76 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 46.26 pts), Engro Corporation Limited (ENGRO 36.87 pts) and Pakistan Petroleum Limited (PPL 32.70 pts), were top negative contributors.

The Oil & Gas Exploration Companies sector lost 1.84% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 3.03%), Mari Petroleum Company Limited (MARI 0.85%), Pakistan Oilfields Limited (POL 0.61%) and Pak Petroleum Limited (PPL 2.67%) all closed in red.

Values as at 02:25 PM PST