DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed another volatile session on Thursday as indices oscillated between red and green zones before finally closing flat. Market volume decreased compared to previous session. As per analysts, investors exercised caution ahead of the upcoming talks with the IMF.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.10% to $81.78. While Brent crude oil price was down by 1.12% to $86.31. (As at 3:50 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially jumped to day’s high of 70,645.30 gaining 311.98 pts. Investors then succumbed to profit-taking dragging the index to day’s low of 69,783.32 (losing 550.00 pts). The index ultimately settled flat by negative 43.20 pts at 70,290.12. The KMI 30 index depreciated by 245.34 pts ending the day at 117,354.60. While the KSE All share index fell by 25.14 pts closing the day at 46,207.85.

Investor participation lowered slightly from 441.51 mn shares in the previous session to 440.12 mn shares. Leading the volume chart with 33.24 mn shares traded was Cynergyico PK Limited (CNERGY -1.73%). Followed by K-Electric Limited (KEL +1.37%) and Pakistan Refinery Limited (PRL +2.99%). The scrips had 29.88 mn shares and 28.45 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index towards the red zone included, Banking sector (-148.60 pts), Cement sector (-31.52 pts) and Technology and Communication sector (-28.11 pts). Company-wise, Meezan Bank Limited (MEBL -146.63 pts), Lucky Cement Limited (LUCK -33.65 pts) and The Hub Power Company Limited (HUBC -33.39 pts), drove the index south.

The Banking sector lost 0.84% in its cumulative market capitalization. Meezan Bank Limited (MEBL -4.61%), United Bank Limited (UBL -0.19%), Allied Bank Limited (ABL -0.57%) and Habib Bank Limited (HBL -0.93%), all closed in red.

Values as at 04:14 PM