DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced another volatile session on Thursday. Indices fluctuated between both zones until finally closing with minimal change. Volumes lowered compared to previous session.

Worldwide equity markets displayed negative trend. Crude oil prices on the other hand moved north with WTI crude oil price rising by 1.03% to $73.45. While Brent crude oil price was up by 0.78% to $78.86. (As at 3:46 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index oscillated between intraday high of 64,936.76 (accumulating 289.91 pts) and intraday low of 64,098.11 (dropping 548.74 pts). It settled flat by negative 7.09 pts at 64,639.16. The KMI 30 index inched up by 49.28 pts to end the day at 108,957.26. While the KSE All share index gathered 9.18 pts concluding the session at 43,308.85.

Overall market volume shrank from 671.48 mn shares in the last session to 548.81 mn shares. Out of the total scrips traded 58.81% belonged to KSE 100 scrips. K-Electric Limited (KEL +3.29%), Worldcall Telecom Limited (WTL -2.63%) and Fauji Foods Limited (FFL -2.01%) witnessed highest market volumes. The scrips had 154.66 mn shares, 37.14 mn shares and 27.33 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Fertilizer sector (-68.56 pts), Power Generation and Distribution sector (-51.97 pts), and Leather and Tanneries sector (-22.05 pts). Company-wise, The Hub Power Company Limited (HUBC -37.10 pts), Engro Fertilizers Limited (EFERT -25.31 pts) and Engro Corporation Limited (ENGRO -24.67 pts), were top negative contributors.

The Banking sector lost 0.35% in its cumulative market cap. Meezan Bank Limited (MEBL -0.54%), United Bank Limited (UBL -0.28%), MCB Bank Limited (MCB -0.01 pts) and Habib Bank Limited (HBL 1.10%), all closed in red.

Values as at 04:13 PM