DAILY MARKET WRAP

Bears dominated the Pakistan Stock Exchange (PSX) on Friday in a battle against the bulls. Despite a positive start, the indices dipped into the red zone after the news of election delays, causing concern among investors. Market volume showed an increase from the previous session.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.78% to $72.75. While Brent crude oil price was up by 0.55% to $78.02. (As at 4:53 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 3.30% WoW. During the day, it touched day’s high of 65,077.48 gaining 438.32 pts before falling to day’s low of 63,757.96 losing 881.20 pts. The index eventually closed lower by 124.26 at 64,514.90. The KMI 30 index lost 448.12 pts settling at 108,509.14. While the KSE All share index increased by 57.75 pts ending the week at 43,366.60.

Overall market volume ballooned from 548.81 mn shares in the last session to 949.41 mn shares. Out of the total scrips traded 75.63% belonged to KSE 100 scrips. Highest participation was witnessed in K-Electric Limited (KEL +8.32%), Worldcall Telecom Limited (WTL -0.68%) and The Bank of Punjab (BOP -1.00%). The scrips had 481.12 mn shares, 33.38 mn shares and 28.42 mn shares traded, respectively.

Sectors contributing negatively to the benchmark KSE 100 index included, Fertilizer sector (-83.16 pts), Miscellaneous sector (-29.20 pts) and Cement sector (-28.26 pts). Companies that drove the index south included, Fauji Fertilizer Company Limited (FFC -38.30 pts), Engro Corporation Limited (ENGRO -34.02 pts) and Pakistan Services Limited (PSEL -32.58 pts).

The Cement sector lost 0.52% in its cumulative market capitalization. Lucky Cement Limited (LUCK -0.58%), Bestway Cement Limited (BWCL -0.55%), Fauji Cement Company Limited (FCCL -1.37%) and Maple Leaf Cement Factory Limited (MLCF -0.44%), all closed in red.

Values as at 05:12 PM