DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) carried forward the day on Wednesday. Following a slight dip at the opening, the indices steadily gained ground as the session progressed. However, trading volumes were lower compared to the previous close.

Equity markets around the globe exhibited mixed trends. Crude oil prices moved north with WTI crude oil price rising by 3.38% to $72.19. While Brent crude oil price was up by 3.24% to $75.94. (As at 3:48 PM PST, Source: Investing.com).

During the first half hour of trading, the benchmark KSE 100 index experienced a decline of 275.14 pts hitting an intraday low of 81,529.45. However, it then gained momentum climbing to a day's high of 82,360.29 which marked an increase of 555.70 pts. Ultimately, the index closed up by 162.41 pts at 81,967.01. Meanwhile, the KMI 30 index fell by 434.92 pts finishing at 126,366.57, and the KSE All Share Index appreciated by 55.68 pts closing at 52,322.24.

Overall market volumes appreciated from 358.79 mn shares in the previous session to 360.81 mn shares. Leaders of the volume chart were Agha Steel Industries Limited (AGHA -0.65%), Worldcall Telecom Limited (WTL -2.42%) and Fauji Cement Company Limited (FCCL +2.97%). The scrips had 30.83 mn shares, 26.47 mn shares and 20.05 mn shares traded, respectively.

Sectors that contributed to the upward movement of the KSE 100 index included the Banking sector (adding 195.33 pts), the Fertilizer sector (50.01 pts) and the Textile Composite sector (24.09 pts). On the company level, United Bank Limited (UBL) led the rise with 91.34 pts, followed by Fauji Fertilizer Company Limited (FFC) with 60.79 pts, and MCB Bank Limited (MCB) with 39.87 pts all pushing the index higher.

The Fertilizer sector gained 0.41% in its cumulative market capitalization. Fauji Fertilizer Company Limited (FFC +1.22%), Engro Corporation Limited (ENGRO +1.51%), Fatima Fertilizer Company Limited (FATIMA +1.41%) and Arif Habib Corporation limited (AHCL +0.75%), all closed positive.

Values as at 04:15