DAILY MARKET WRAP

Bears came roaring back at the Pakistan Stock Exchange (PSX) on Thursday. Indices swayed both ways until finally settling in red. Volumes appreciated from previous close. Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.15% to $78.47. While Brent crude oil price was down by 0.20% to $85.21. (As at 3:56 PM PST, Source: Investing.com).

On the economic front, the Government of Pakistan decided to raise petrol prices by Rs.22.20 from Rs.249.80 to Rs 272.00. Base price surged by Rs.28.11 to Rs.205.58 (76% of total cost). Retailer and freight cost fell by Rs.5.91 to Rs.16.42. While petroleum levy and sales tax remained unchanged at Rs.50.00 and zero, respectively.

Moreover, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.0032/US$ (0.38%) against the US Dollar on DoD basis ending the session at PKR 264.3790/US$.

Accumulating 292.34 pts, the benchmark KSE 100 index recorded intraday high of 41,619.20. Failing to sustain the gains, it dropped to day’s low of 41,024.78 (down by 302.08 pts). The index settled lower by 248.21 pts at 41,078.65. The KMI 30 index was down by 578.17 pts closing at 70,927.07. While the KSE All Share index fell short by 183.38 pts ending at 27,366.36.

Overall market volumes inched up from 137.37 mn shares in last session to 141.39 mn shares. Worldcall Telecom (WTL +2.19%) led the volume chart with 32.82 mn shares exchanged. Followed by Maple Leaf Cement Factory Limited (MLCF -5.27%) and Meezan Bank Limited (MEBL -2.07%). The scrips had 20.29 mn shares and 16.80 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included Oil & Gas Exploration sector (106.35 pts), Cement sector (45.12 pts) and Power Generation & Distribution sector (24.58 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 41.06 pts), Pak Petroleum Limited (PPL 39.33 pts) and Habib Bank Limited (HBL 33.32 pts) were top negative contributors.

The Oil and Gas Exploration sector sector lost 1.91% in its cumulative market capitalization. Oil and Gas Development Company limited (OGDC 2.52%), Pakistan Petroleum Limited (PPL 2.88%), Mari Petroleum Company limited (MARI 0.78%) and Pakistan Oilfields Limited (POL 1.33%), all closed in red.

Values as at 04:06 PM PST