DAILY MARKET WRAP

Bulls Reappear at PSX!

The bulls at the Pakistan Stock Exchange (PSX) rebounded from a sluggish session the day before on Wednesday. The main indices saw fluctuations in both directions, while trading volumes surged from previous levels.

Global equity markets displayed mixed trends, while crude oil prices inched up slightly. WTI crude oil rose by 0.72% to $68.61 and Brent crude increased by 0.70% to $72.39. (as of 3:41 PM PST, Source: Investing.com).

The benchmark KSE-100 index initially slipped 281.49 pts hitting an intraday low of 92,943.08. It soon rebounded reaching a high of 93,803.59 up by 579.02 pts. By the session’s end, the index closed with a gain of 130.86 pts at 93,355.43. Meanwhile, the KMI-30 index added 1,086.68 pts closing at 142,650.05, and the KSE All Share Index rose by 101.34 pts to settle at 59,809.52.

Total traded volume rose significantly from 792.13 mn shares in the prior session to 806.29 mn shares. Worldcall Telecom Limited (WTL -0.79%), Waves Home Appliances Limited (WAVESAPP +11.41%) and Pakistan Refinery Limited (PRL +0.00%) were the most active stocks by volume, trading 43.29 mn, 33.20 mn, and 31.52 mn shares, respectively.

Key sectors that pushed the KSE-100 index higher included Oil and Gas Exploration (150.54 pts), Cement sector (91.44 pts) and pharmaceuticals sector (78.60 pts). On the company front, Mari Petroleum Company Limited (MARI) added 235.63 pts, Lucky Cement Limited (LUCK) contributed 81.99 pts and The Searle Company Limited (SEARL) added 64.97 pts making them the top contributors for the day.

The pharmaceuticals sector gained 1.55% in its cumulative market capitalization. GlaxoSmithKline Pakistan Limited (GLAXO +0.21%), Abbott Laboratories (Pakistan) Limited (ABOT +2.32%), Haleon Pakistan Limited (HALEON +2.18%) and Highnoon Laboratories Limited (HINOON +0.47%), all closed in green.

Values as at 04:15