DAILY MARKET WRAP

Extending losses made during the previous session, the Pakistan Stock Exchange (PSX) closed last session of the week in red. Indices oscillated in both directions, while volumes increased from last close. Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.38% to $75.68. While Brent crude oil price was up by 0.45% to $82.58. (As at 4:44 PM PST, Source: Investing.com).

On the economic front, as per latest data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.9669/US$ (0.37%) against the US Dollar on DoD basis ending the session at PKR 260.9312/US$.

The benchmark KSE 100 index lost 1.00% WoW. During the day the index swung between intraday high of 40,978.46 (gaining 139.95 pts) and intraday low of 40,685.54 (losing 152.97 pts). It settled lower by 130.75 pts closing at 40,707.76. The KMI 30 index fell by 151.76 pts ending the session at 69,939.43. While the KSE All share index plunged by 82.11 pts settling at 15,325.88.

Overall market volumes inched up from 150.10 mn shares in the previous session to 153.05 mn shares. Leading the volume chart with 34.94 mn shares traded was Worldcall Telecom Limited (WTL +4.00%). Followed by Maple Leafe Cement Factory Limited (MLCF +3.95%) and TPL Properties Limited (TPLP +0.21%). The scrips had 10.54 mn shares and 7.08 mn shares exchanged respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Banking sector (112.28 pts), Oil and Gas Exploration sector (41.49 pts) and Technology and Communication sector (31.35 pts). Companies driving the index south included, Habib Bank Limited (HBL 74.00 pts), TRG Pakistan Limited (TRG 31.26 pts) and Pakistan Petroleum Limited (PPL 20.99 pts).

The Banking sector lost 1.35% in its cumulative market capitalization. Meezan Bank Limited (MEBL 0.48%), Habib Bank Limited (HBL 5.21%), United Bank Limited (UBL 1.12%) and Allied Bank Limited (ABL 0.24%) all closed in red.

Values as at 05:08 PM PST