DAILY MARKET WRAP

Bloodshed at the Pakistan Stock Exchange (PSX) persisted on Wednesday as indices traded in red for most of the day, with low investor participation. Analysts attributed the downward trend to concerns among investors regarding upcoming talks with the International Monetary Fund (IMF). Additionally, investors exercised caution ahead of the monetary policy meeting scheduled for next week.

Equity markets worldwide showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.43% to $77.89. While Brent crude oil prices was up by 0.44% to $82.28. (As at 1:49 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index climbed to day’s high of 65,043.38 gaining 241.67 pts. Unable to sustain the gains, it then slipped to day’s low of 63,856.51 losing 945.19 pts. The index settled lower by 753.26 pts at 64,048.44. The KMI 30 index contracted by 1,503.20 pts ending the session at 108,123.43. While the KSE All share index shed 528.50 pts ending the day at 42,559.76.

Overall market volume went down from 321.31 mn shares in the previous session to 252.56 mn shares. Cynergyico PK Limited (CNERGY -2.94%), The Bank of Punjab (BOP -2.43%) and K-Electric Limited (KEL -3.08%), dominated the volume chart. The scrips had 19.85 mn shares, 18.74 mn shares and 14.39 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index in south included, Oil and Gas Exploration sector (-160.61 pts), Banking sector (-96.19 pts) and Oil and Gas Marketing sector (-66.69 pts). Company-wise, Mari Petroleum Company Limited (MARI -61.44 pts), Pakistan Petroleum Limited (PPL -52.40 pts) and Pakistan State Oil Company Limited (PSO -47.10 pts), dragged the index lower.

The Refinery sector lost 3.65% in its cumulative market capitalization. Attock Refinery Limited (ATRL -2.62%), Cynergyico PK Limited (CNERGY -2.94%), National Refinery Limited (NRL -6.42%) and Pakistan Refinery Limited (PRL -5.74%), all closed in red.

Values as at 02:14 PM