DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) struggled to sustain the gains achieved in the previous session and ended the week on the negative. Despite, indices showing positive movement for most of the day. Indices lost momentum significantly towards the end resulting in a negative close. On a positive note, trading volume rose compared to the earlier session.

Global equity markets exhibited mixed trends. Crude oil prices moved south, with WTI crude oil prices declining by 2.88% to $75.91. While Brent crude oil price depreciated by 2.53% to $78.99 (As at 4:42 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 0.67% WoW. During the day, the KSE 100 index experienced swings hitting an intraday low of 78,041.08 (a drop of 64.90 pts) and reaching an intraday high of 78,619.18 (gaining 513.20 pts). It eventually closed 60.67 pts lower finishing at 78,045.31. The KMI 30 index climbed by 285.00 pts ending the session at 124,949.18. While the KSE All Share index declined by 153.06 pts wrapping up the day at 50,090.20.

Investor activity ballooned from 590.97 mn shares in the previous session to 600.65 mn shares. Kohinoor Spinning Mills Limited (KOSM +10.30%), Yousaf Weaving Mills Limited (YOUW +5.86%), and Pakistan Telecommunication Company Limited (PTC -1.19%) led the volume chart. The scrips had 109.49 mn shares, 70.09 mn shares and 21.23 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in red included Oil and Gas Exploration Companies (-61.32 pts), Banking sector (-38.93 pts) and Automobile Assembler (-37.91 pts). Company-wise, United Bank Limited (UBL -59.89 pts), MCB Bank Limited (MCB -58.15 pts) and Millat Tractors Limited (MTL -34.67 pts) were top negative contributors.

The Oil and Gas Exploration companies sector lost 0.69% in its cumulative market capitalization. Oil and Gas Development Limited (OGDC -0.71%), Mari Petroleum Company Limited (MARI -0.70%), and Pakistan Petroleum Limited (PPL -1.15%) all closed in negative territory.

Values as at 04:15 PM