DAILY MARKET WRAP

The Pakistan Stock Exchange closed a volatile session flat on Wednesday. Indices traded in the green for most of the day, but losses mounted in the final trading hour. Trading volume also decreased compared to the previous session.

Global equity markets displayed a mixed trend. Crude oil prices moved upward with WTI crude oil gaining 1.57% to $74.35 and Brent crude oil appreciating by 1.58% to $77.60 (as of 3:45 PM PST, Source: Investing.com).

The Benchmark KSE 100 index gained 608.70 points, reaching a high of 77,800.04 during the day but later dropped to a low of 77,086.82 losing 104.52 points. Ultimately, the index closed lower by 76.85 points at 77,114.49. The KMI 30 index contracted by 28.31 points ending the day at 122,096.91, while the KSE All index gained 87.78 points closing at 49,368.91.

Overall market volume shrank from 600.58 million shares in the previous session to 447.36 million shares. Kohinoor Spinning Mills Limited (KOSM -4.26%), Power Cement Limited (POWER, +1.63%) and Pakistan International Bulk Terminal (PIBTL, -4.46%) dominated the volume chart, with 70.04 million, 28.78 million and 20.89 million shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included Fertilizer (-115.98 points), Banking (-97.15 points), and Food and Personal Care Products (-18.19 points). Key companies contributing to the decline were Bank Al Habib Limited (BAHL, -79.55 points), Engro Fertilizers Limited (EFERT, -77.99 points) and Fauji Fertilizer Company Limited (FFC, -53.83 points).

The Banking sector saw a 0.26% drop in its cumulative market capitalization, with United Bank Limited (UBL, -0.76%), MCB Bank Limited (MCB, -0.11%), Standard Chartered Bank Limited (SCBPL, -0.84%), Allied Bank Limited (ABL, -1.65%) and Bank Al Habib Limited (BAHL, -3.10%) all closing in the red.

Values as at 04:15 PM