DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to lose momentum on Friday. Indices trade in red for most part of the day while volume dropped compared to previous session. As per analysts, investors traded with caution as they sought clarity amidst the ongoing political uncertainty.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.82% to $77.39. While Brent crude oil price was down by 0.97% to $82.06. (As at 4:55 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 4.89% WoW. During the session it gained 153.25 pts recording day’s high of 61,173.31. It then lost 1,280.59 pts slipping to day’s low of 59,739.47. The index settled lower by 1,147.10 pts at 59,872.96. The KMI 30 index shed 2,486.24 pts closing the session at 98,505.71. While the KSE All share index was down by 776.75 pts ending the day at 40,386.78.

Investor participation contracted from 344.98 mn shares in the last session to 314.14 mn shares. K-Electric Limited (KEL -5.31%), Worldcall Telecom Limited (WTL -3.20%) and Oil and Gas Development Company Limited (OGDC -5.42%) were toppers of the volume chart. The scrips had 41.84 mn shares, 25.78 mn shares and 20.69 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index south included, Oil and Gas Exploration sector (-295.03 pts), Cement sector (-121.84 pts) and Power Generation and Distribution sector (-109.89 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -121.55 pts), The Hub Power Company Limited (HUBC -87.50 pts) and Pakistan Petroleum Limited (PPL -85.94 pts), were top negative contributors.

The Oil and Gas Exploration sector lost 3.77% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC -5.42%), Pakistan Petroleum Limited (PPL -4.12%), Mari Petroleum Company Limited (MARI -3.04%) and Pakistan Oilfields Limited (POL -1.91%), all closed in red.

Values as at 05:14 PM