DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) endured another volatile session on Thursday. Indices oscillated between both zones until finally closing flat, while volumes appreciated from last close. Analysts attributed the market’s poor performance to the ongoing fragile political situation.

Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.91% to $72.92. While Brent crude oil price was down by 1.77% to $76.97. (As at 4:48 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.3899/US$ (0.48%) against the US Dollar on DoD basis ending the session at PKR 285.7430/US$.

Gathering 101.70 pts, the benchmark KSE 100 recorded intraday high of 41,219.09. Shedding the gains made during the day, it then slipped to day’s low of 40,956.88 (down by 160.45 pts). The index settled flat by negative 87.65 pts at 41,029.68. The KMI 30 index went up by 44.73 pts closing the session at 70,316.67. While the KSE All share index lost 57.50 pts settling at 27,427.73.

Overall market volumes expanded from 100.54 mn shares in the last session to 123.70 mn shares. Gul Ahmed Textile Mills Limited (GATM +0.71%), Pakistan Refinery Limited (PRL +2.61%) and Worldcall Telecom Limited (WTL -0.89%) topped the volume chart. The scrips had 10.72 mn shares, 8.36 mn shares and 8.00 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Technology and Communication sector (114.48 pts), Banking sector (29.91 pts) and Textile Composite sector (21.43 pts). Companies that drove the index south included TRG Pakistan Limited (TRG 116.38 pts), Habib Bank Limited (HBL 23.15 pts) and Nishat Mills Limited (NML 18.92 pts).

The Automobile Parts & Accessories sector lost 1.13% in its cumulative market capitalization. Thal Limited (THALL 1.58%), Atlas Battery Limited (ATBA 1.05%), Panther Tyres Limited (PTL 0.72%) and Exide Pakistan Limited (EXIDE 1.75%), all closed negative.

Values as at 04:49 PM PST