DAILY MARKET WRAP

Bears of the Pakistan Stock Exchange (PSX) overtook the bulls on Friday ending the week in red. Despite a positive start, indices lost momentum as the session progressed, leading to a final descent into negative territory. Investor activity declined compared to previous session.

Global equity markets showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.81% to $74.49. While Brent crude oil price was up by 0.62% to $79.88. (As at 4:51 PM PST, Source: Investing.com).

The benchmark KSE 100 index registered a substantial decrease of 6.69% WoW. During the day, it gathered 301.65 pts climbing to day’s high of 62,995.22. It then plummeted to day’s low of 61,569.14 losing 1,124.43 pts. The index ended lower by 988.47 pts at 61,705.09. The KMI 30 index fell by 1,924.72 pts ending the week at 103,622.66. While the KSE All share index plunged by 584.40 pts ending the session at 41,281.98.

Overall market volume was down from 811.18 mn shares in the last session to 668.53 mn shares. K-Electric Limited (KEL -7.50%), Fauji Foods Limited (FFL +5.52%) and Cynergyico PK Limited (CNERGY -4.37%), dominated the volume chart. The scrips had 114.00 mn shares, 86.00 mn shares and 70.08 mn shares traded, respectively. Out of the total scrips traded 114 advanced, 220 declined and 208 remained unchanged.

Sectors painting the benchmark KSE 100 index in red included, Banking sector (-211.87 pts), Oil and Gas Exploration sector (-207.93 pts) and Cement sector (-104.18 pts). Company-wise, Pakistan Petroleum Limited (PPL -99.88 pts), Habib Bank Limited (HBL -67.79 pts), Oil and Gas Development Company Limited (OGDC -60.27 pts), drove the index south.

The Technology and Communication sector lost 3.07% in its overall market cap. Systems Limited (SYS -1.53%), TRG Pakistan Limited (TRG -5.45%), Pakistan Telecommunication Company Limited (PTC -7.51%) and Air Link Communication Limited (AIRLINK -4.25%), all closed in red.

Values as at 05:12 PM