DAILY MARKET WRAP

Negative sentiments surrounded the Pakistan Stock Exchange (PSX) on Thursday. Indices traded in red for most part of the day while volumes contracted from last close. As per analysts, investors preferred to stay on the sidelines ahead of the announcement of economic survey and budget.

Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.77% to $73.09. While Brent crude oil price was up by 0.68% to $77.47. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.0780/US$ (0.03%) against the US Dollar on DoD basis ending the session at PKR 286.8058/US$.

During the day, the benchmark KSE 100 index up by 164.40 pts, recording intraday high of 42,307.12. It then continued to slip till it reached day’s low of 41,648.84 (losing 493.88 pts). The index settled lower by 456.25 pts at 41,686.46. The KMI 30 index depreciated by 932.15 pts closing at 71,930.19. While the KSE All share index slid by 148.22 pts settling at 28,124.44.

Overall market volumes fell from 332.51 mn shares in the previous session to 203.53 mn shares showing a decrease of 38.79%. Toppers of the volume chart were, Unity Foods Limited (UNITY +5.03%), Worldcall Telecom Limited (WTL -3.28%) and TPL Properties Limited (TPLP -1.54%). The scrips had 28.72 mn shares, 17.60 mn shares and 15.28 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (128.74 pts), Technology and Communication sector (84.30 pts) and Oil and Gas Exploration sector (83.13 pts). Company-wise, Pakistan Oilfield Limited (POL 61.55 pts), TRG Pakistan Limited (TRG 44.07 pts) and Systems Limited (SYS 33.44 pts), were top negative contributors.

The Technology & Communication sector dropped by 2.43% in its cumulative market capitalization. NetSol Technologies Limited (NETSOL 3.96%), TRG Pakistan Limited (TRG 3.96%), Avanceon Limited (AVN 3.34%) and Systems Limited (SYS 1.71%), all closed in red.

Values as at 04:18 PM PST