DAILY MARKET WRAP

Negative sentiments continued to surround the Pakistan Stock Exchange (PSX) on Thursday. Indices treaded between both zones while volumes contracted from last close. Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.37% to $72.56. While Brent crude oil price was down by 0.38% to $76.67. (As at 3:58 PM PST, Source: Investing.com)

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.2123 (0.07%) against the US Dollar on DoD basis ending the session at PKR 285.6157.

The benchmark KSE 100 index gained 130.61 pts climbed to day’s high of 41,964.27. It then continued to lose momentum till it reached day’s low of 41,411.64 (losing 422.02 pts). The index settled lower by 391.59 pts at 41,442.08. The KMI 30 index witnessed a decline of 755.07 pts settling at 70,748.73. While the KSE All share index was down by 118.86 pts ending at 27,442.10.

Total market volume dropped from 125.4 mn shares in the previous session to 101.15 mn shares. Worldcall Telecom Limited (WTL -0.89%) witnessed highest volumes with 9.89 mn shares traded. Followed by two scrips that belonged to the Refinery sector namely Pakistan Refinery Limited (PRL +1.23%) and Cynergyico PK Limited (CNERGY +0.29%). The scrips had 7.53 mn shares and 6.66 mn shares exchanged, respectively. Out of the total scrips traded 81 advanced, 198 declined and 267 remained unchanged.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (128.13 pts), Technology and Communication sector (92.86 pts) and Fertilizer sector (56.13 pts). Company-wise, Systems Limited (SYS 57.03 pts), United Bank Limited (UBL 54.32.03 pts) and Engro Corporation Limited (ENGRO 43.02 pts) dragged the index lower.

The Baking sector lost 1.53% in its cumulative market capitalization. Meezan Bank Limited (MEBL 0.71%), MCB Bank Limited (MCB 0.79%), United Bank Limited (UBL 3.23%) and Habib bank Limited (HBL 1.42%), all closed negative.

Values as at 04:09 PM PST