DAILY MARKET WRAP

Failing to sustain gains made during early hours of the day, the Pakistan Stock Exchange (PSX) ended last session of the week in negative. Indices traded in red for most part of the day, while volumes fell from previous close. Equity markets around the globe showed negative trend. 

Crude oil prices moved north with WTI crude oil price rising by 0.25% to $80.81. While Brent crude oil price was up by 0.22% to $86.35. (As at 4:54 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s total liquid foreign exchange reserves rose by US$256 mn WoW after almost 3 months. Net reserves with State Bank went up by US$258 mn on weekly basis. While net reserves with banks fell by US$ 2 mn.

The benchmark KSE 100 index lost 4.75% on WoW basis. During the day, the index crawled to day’s high of 38,982.16 gaining 150.58 pts. It then lost momentum and fell to day’s low of 38,291.70 (down by 539.88 pts). The index settled lower by 423.60 pts at 38,407.98. The KMI 30 index plunged by 872.92 pts closing at 65,586.03. While the KSE All share index dropped by 193.89 pts settling at 25,995.16.

Overall market volumes contracted from 157.60 mn shares in the last session to 93.31 mn shares. Out of the total scrips traded 55.23% belonged to KSE 100 scrips. Highest participation was witnessed in Pakistan Petroleum Limited (PPL -1.57%), Worldcall Telecom Limited (WTL -1.77%) and Cnergyico PK Limited (CNERGY -3.78%). The scrips had 8.30 mn shares, 5.64 mn shares and 5.05 mn shares traded respectively.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (82.13 pts), Technology and Communication sector (62.26 pts) and Cement sector (58.81 pts). Company-wise, TRG Pakistan Limited (TRG 43.28 pts), Pakistan State Oil Limited (PSO 32.52 pts) and Lucky Cement Limited (LUCK 24.05 pts), were top negative contributors.

The Cement sector lost 2.34% in its cumulative market capitalization. Lucky Cement Limited (LUCK 2.06%), Cherat Cement Company Limited (CHCC 4.93%), Kohat Cement Company Limited (KOHC 3.54%) and Maple Leaf Cement Factor Limited (MLCF 2.03%), all closed in red.

Values as at 05:08 PM PST