DAILY MARKET WRAP

Bulls regained control of the Pakistan Stock Exchange (PSX) on Wednesday. Indices stayed in the green for the entire session. Additionally, trading volumes increased compared to the previous day. As per analysts, the market is rising due to the IMF board meeting.

Equity markets worldwide showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.57% to $71.15. While Brent crude oil price was down by 0.44% to $74.14. (As at 3:51 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 848.21 pts hitting an intraday high of 82,331.86. By the end of the session, it had settled with a 764.28 pts rise closing at 82,247.92. The KMI 30 index also climbed adding 686.48 pts to finish at 127,353.77. Meanwhile, the KSE All Share index advanced by 506.15 pts closing the day at 52,618.25.

Overall market volume jumped from 369.44 mn shares the previous session to 421.75 mn shares (up by 116%). Leaders of the volume chart were, Kohinoor Spinning Mills (KOSM +10.95%), Worldcall Telecom Limited (WTL +0.00%) and Pace Pakistan Limited (PACE +13.00%). The scrips had 51.83 mn shares, 29.72 mn shares and 25.43 mn shares traded, respectively.

The Banking sector played a crucial role in boosting the benchmark KSE 100 index contributing +371.32 pts. It was followed by the Oil and Gas Exploration sector which added +130.80 pts and the cement sector which contributed +120.69 pts. Notable performers that helped drive the index higher included MCB Bank Limited (MCB) with +150.56 pts, Oil and Gas Development Company Limited (OGDC) with an increase of +93.93 pts and National Bank of Pakistan (NBP) with +49.10 pts.

The Banking sector lost 1.40% in its cumulative market capitalization. Meezan Bank Limited (MEBL +0.73%), United Bank Limited (UBL +0.86%), MCB Bank Limited (MCB +4.81%) and Habib Bank Limited (HBL +0.79%), are all closed in the green.

Values as at 04:15