DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) encountered turbulence in the middle of the week, with stock indices oscillating in both directions before eventually closing with little change. Investor involvement dwindled compared to previous session. Experts attribute the market's underwhelming performance to profit-taking and the Pakistani Rupee putting an end to its 28-day session winning streak.

Equity markets around the world showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 2.94% to $87.95. While Brent crude oil price was up by 2.83% to $92.44. (As at 3:52 PM PST, Source: Investing.com).

The benchmark KSE 100 index showed optimism in the beginning as it reached day’s high of 49,740.98 (gaining 209.97 pts). Submitting to profit-taking later on, it hit day’s low of 49,383.72 (losing 147.30 pts). The index settled flat by negative 99.54 pts at 49,431.48. The KMI 30 index lost 265.79 pts ending at 83,315.76. While the KSE All share index was down by 57.54 pts closing at 33,050.88.

Overall market volume declined from 368.15 mn shares in the preceding session to 332.17 mn shares. Pakistan Refinery Limited (PRL +4.33%) replaced K-Electric Limited (KEL -1.61%) as the volume leader with 75.72 mn shares exchanged, whereas the latter had 37.46 mn shares exchanged. Pakistan International Bulk Terminal (PIBTL +0.87%) was moved to third place with 23.62 mn shares, traded.

Sectors contributing negatively to the benchmark KSE 100 index included, Power Generation and Distribution sector (-44.33 pts), Cement sector (-34.22 pts) and Oil and Gas Exploration sector (-19.65 pts). Companies that dragged the index lower included, The Hub Power Company Limited (HUBC -38.74 pts), Oil and Gas Development Limited (OGDC -23.85 pts) and Habib Bank Limited (HBL -16.41 pts).

The Power Generation and Distribution sector lost 1.63% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -1.88%), K-Electric Limited (KEL -1.61%), Kot Addu Power Company Limited (KAPCO -1.05%) and Nishat Power Limited (NPL -2.78%), all closed in red.

Values as at 04:07 PM PST