DAILY MARKET WRAP

Extending the losses from the previous day, the Pakistan Stock Exchange (PSX) closed another session in red. Indices traded in red for most part of the day, while volumes surged from last close. As per analysts, investors’ confidence continued to deteriorate on uncertainty on the political front in the country and news of a possible hike in interest rate by the State Bank of Pakistan.

Equity markets around the globe showed positive trend. Crude oil prices went north with WTI crude oil price rising by 0.67% to $80.96. While Brent crude oil price was up by 0.57% to $85.41. (As at 2:39 PM PST, Source: Investing.com).

On the economic front, according to latest data released by All Pakistan Cement Manufacturers Association domestic cement sales declined by 28.75% on YoY basis while exports increased by 48.47% from SPLY. On MoM basis, domestic cement sales fell by 6.52% while exports contracted by 2.67%.

The benchmark KSE 100 index swung between intraday high of 39,920.35 (gaining 30.45 pts) and low of 39,482.17 (down by 407.73 pts). It settled lower by 202.64 pts at 39,687.26. The KMI 30 index was down by 463.31 pts ending at 68,821.16. While the KSE All Share index was down by 103.47 pts closing at 26,230.36.

Overall market volumes inched up from 74.42 mn shares in last session to 83.23 mn shares. Highest participation was witnessed in Telecard Limited (TELE +0.00%), Pakistan Petroleum Limited (PPL -2.11%) and Hascol Petroleum Limited (HASCOL +1.70%). The scrips had 10.94 mn shares, 6.70 mn shares and 5.72 mn shares traded, respectively. Out of the total scrips traded, 101 advanced, 172 declined and 274 remained unchanged.

Sectors dragging the benchmark KSE 100 index lower included Oil and Gas Exploration sector (72.00 pts), Banking sector (31.79 pts) and Investment Banking sector (19.39 pts). Company-wise, Pakistan Petroleum Limited (PPL 24.55 pts), Engro Corporation Limited (ENGRO 22.10 pts) and Pakistan Oilfield Limited (POL 20.18 pts), were top negative contributors.

The Oil & Gas Exploration Companies sector lost 1.41% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 1.25%), Mari Petroleum Company Limited (MARI 0.84%), Pak Petroleum Limited (PPL 0.56%) and Pakistan Oilfields Limited (POL 1.42%) all closed in red.

Values as at 02:28 PM PST