DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a volatile session on Thursday flat. Indices swayed in both directions until finally settling flat, while volumes declined from last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.77% to $73.53. While Brent crude oil price was up by 0.61% to 77.98. (As at 2:11 PM PST. Source: Investing.com).

On the economic front, China is working on a request by Pakistan to roll over a $2-billion loan that matured last week. Formal documentation is underway.

Gaining 125.18 pts, the benchmark KSE 100 index recorded intraday high of 40,005.07. Failing to sustain positive momentum, it recorded intraday low of 39,796.69 losing 83.20 pts. The index settled flat by negative 31.54 pts at 39,848.35. The KMI 30 index up by 114.66 pts closing at 69,086.43. While the KSE All Share index declined by 4.79 pts settling at 26,364.75.

Overall market volumes fell from 108.74 mn shares in last session to 88.67 mn shares. Telecard Limited (TELE -3.42%) led the volume chart with 6.21 mn shares traded. Followed by Pak Electron Limited (PAEL -0.19%) and Engro Corporation Limited (ENGRP -0.01%). The scrips had 6.15 mn shares and 5.43 mn shares traded, respectively. Out of the total scrips traded, 125 advanced, 144 declined and 278 remained unchanged.

Sectors painting the benchmark KSE 100 in red included, Miscellaneous sector (37.90 pts), Technology and Communication sector (21.39 pts) and Investment Banking sector (12.75 pts). Company-wise, Pakistan Services Limited (PSEL 36.48 pts), TRG Pakistan Limited (TRG 17.25 pts) and Dawood Hercules Corporation Limited (DAWH 16.13 pts), were top negative contributors.

The Automobile Parts & Accessories sector lost 1.37% in its cumulative market capitalization. Thal Limited (THALL 1.37%), Panther Tyres Limited (PTL 0.42%), Ghandhara Tyre and Rubber Company Limited (GTYR 1.34%) and Loads Limited (LOADS 0.99%) all closed in red.

Values as at 02:23 PM PST