DAILY MARKET WRAP

Bears reappeared at the Pakistan Stock Exchange (PSX) on Thursday, casting a gloomy shadow over the trading floor. Indices slipped lower and lower for most part of the day while volume rose compared to previous session. Analysts pointed to the country's ongoing political uncertainty as the primary factor for the market's downturn.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.65% to $76.14. While Brent crude oil price was down by 0.62% to $81.09. (As at 3:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index inched up by 240.41 pts recording intraday high of 62,394.25. Shortly after, bears took over dragging the index to day’s low of 60,926.86 with a loss of 1,226.99 pts. The index settled lower at 61,020.06 (down by 1,133.78 pts or 1.82%). The KMI 30 index fell by 2,469.60 pts ending the session at 100,991.95. While the KSE All share index witnessed a decline of 713.32 pts closing the day at 41,163.54.

Investor participation grew from 303.82 mn shares in the last session to 344.98 mn shares. K-Electric Limited (KEL -3.13%) led the volume chart with 33.33 mn shares traded, closely followed by Pakistan International Airlines Limited (PIAA +9.16%) with 28.61 mn shares exchanged. Whereas Media Times Limited (MDTL +44.53%) secured third position with 22.43 mn shares traded.

Sectors painting the benchmark KSE 100 index in red included, Oil and Gas Exploration sector (-299.18 pts), Banking sector (-163.55 pts) and Fertilizer sector (-131.93 pts). Company-wise, Oil and Gas Development Company Limited (OGDC -155.38 pts), Pakistan Petroleum Limited (PPL -100.20 pts) and The Hub Power Company Limited (HUBC -65.25 pts), were top negative contributors.

The Refinery sector lost 3.44% in its cumulative market capitalization. Attock Refinery Limited (ATRL -2.49%), Cynergyico PK Limited (CNERGY -3.55%), National Refinery Limited (NRL -5.26%) and Pakistan Refinery Limited (PRL -4.56%), all closed in red.

Values as at 04:14 PM