DAILY MARKET WRAP

A tug of war between the bears and bulls took place at the Pakistan Stock Exchange (PSX) on Friday. Indices oscillated in both directions until finally closing flat while volumes dried up from last close.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.27% to $80.05. While Brent crude oil price was up by 1.22% to $84.38. (As at 4:50 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 1.14% on WoW. During the day, it swung between intraday high of 47,853.55 (gaining 102.79 pts) and intraday low of 47,570.31 (losing 180.45 pts). The index settled flat by negative 79.55 pts at 47,671.22. The KMI 30 index slipped by 92.08 pts closing at 80,502.77. While the KSE All share index dropped by 54.70 pts settling at 31,631.60.

Total traded volume depreciated from 251.68 mn shares in the previous session to 191.81 mn shares. Worldcall Telecom Limited (WTL +0.81%), JS Bank Limited (JSBL +3.34%) and Bank Islami Pakistan Limited (BIPL -3.11%) witnessed highest volumes. The scrips had 17.90 mn shares, 16.13 mn shares and 12.49 mn shares exchanged, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Technology and Communication sector (39.41 pts), Oil and Gas Exploration sector (32.07 pts) and Food and Personal Care Products sector (15.56 pts). Company-wise, TRG Pakistan Limited (TRG 36.41 pts), Oil and Gas Development Company Limited (OGDC 31.43 pts) and Dawood Hercules Corporation Limited (DAWH 14.90 pts), were top negative contributors.

The Refinery sector lost 1.99% in its cumulative market capitalization. Attock Refinery Limited (ATRL 2.64%), Cynergyico PK Limited (CNERGY 0.94%), National Refinery Limited (NRL 1.75%) and Pakistan Refinery Limited (PRL 1.15%), all closed in red.

Values as at 05:09 PM PST