DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended a volatile session on Friday flat. Indices traded in green initially but lost momentum sharply in the second half. However, they recovered somewhat to close the session flat. Analysts attributed the decline to political uncertainty, which triggered panic selling.

Worldwide equity markets showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.80% to $83.28. While Brent crude oil price was up by 0.56% at $85.88. (as at 4:43 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index lost 0.33% WoW. During the session, it climbed to day’s high of 80,321.69 gaining 329.33 pts before falling to day’s low of 78,611.68 and losing 1,380.67 pts. It closed the session flat by negative 48.26 pts at 79,944.10. The KMI 30 index went down by 453.26 pts to end the session at 127,145.49. While the KSE All share index slipped by 51.61 pts to close the day at 51,006.35.

Investor activity appreciated from 386.38 mn shares in the last session to 432.01 mn shares. Leading the volume chart with 45.36 mn shares traded was Fauji Fertilizer Bin Qasim Limited (FFBL +6.80%). Followed by, K-Elektric Limited (KEL -0.83%) and Worldcall Telecom Limited (WTL -1.64%). The scrips had 33.09 mn shares and 29.22 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index south included, Power Generation and Distribution sector (-110.95 pts), Oil and Gas Exploration sector (-48.80 pts) and Oil and Gas Marketing sector (-31.27 pts). Company-wise, The Hub Power Company Limited (HUBC -100.04 pts), Oil and Gas Development Limited (OGDC -37.58 pts) and United Bank Limited (UBL -30.55 pts), were top negative contributors.

The Power Generation and Distribution sector lost 1.59% in its cumulative market capitalization. The Hub Power Company Limited (HUBC -2.00%), K-Electric Limited (KEL -1.03%), Pakgen Power Limited (PKGP -2.05%) and Nishat Power Limited (NPL -0.90%), all closed in red.

Values as at 05:15 PM