DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed first trading session of the week flat. Indices oscillated in both directions whereas volumes appreciated from last close. As per analysts, investors remained indecisive despite the ongoing result season, as the State Bank’s is yet to announce the new policy rate, which is most likely to increase.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.01% to $76.31. While Brent crude oil price was down by 0.12% to $82.72. (As at 3:55 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.4951 (0.23%) against the US Dollar on DoD basis ending the session at PKR 218.3799.

The benchmark KSE 100 index gained 112.33 pts recording intraday high of 40,820.09. It then fell to day’s low of 40,616.60 (losing 91.16 pts). The index settled flat by positive 76.37 pts at 40,784.13. The KMI 30 index declined by 231.63 pts closing at 67,955.97. While the KSE All Share index dropped by 16.08 pts settling at 26,867.67.

Overall market volumes inched up from 153.44 mn shares in the previous session to 157.96 mn shares. The Worldcall Telecom (WTL +2.31%) witnessed highest market volumes with 39.55 mn shares traded. Followed by The Hub Power Company Limited (HUBC +0.94%) and TPL Properties Limited (TPLP +4.50%). The scrips had 22.67 mn shares and 11.94 mn shares traded, respectively.

Sectors raising the benchmark KSE 100 index higher, included Banking sector (86.04 pts), Miscellaneous sector (50.42 pts) and Power Generation and Distribution sector (17.67 pts). Company-wise, United Bank Limited (UBL 69.85 pts), Pakistan Services Limited (PSEL 48.97 pts) and The Hub Power Company Limited (HUBC 16.96 pts), were top positive contributors.

The Banking sector went up by 1.05% in its cumulative market capitalization. United Bank Limited (UBL 5.01%), MCB Bank Limited (MCB 0.86%) and Habib Bank Limited (HBL 0.83%), all closed positive.

Values as at 04:09 PM PST