DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed a rocky session on Thursday. Indices traded in green for most part of the trading day before finally closing flat. Investor participation witnessed a decline compared to previous session.

Worldwide equity markets showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.36% to $84.12. While Brent crude oil price was down by 1.49% to $88.90. (As at 3:50 PM PST, Source: Investing.com).

The benchmark KSE 100 index soared to day’s high of 51,520.68 with an addition of 343.55 pts. Momentum then eased and the index hit day’s low of 51,140.64 with a loss of 36.49 pts. It settled with a minor change of positive 8.15 pts at 51,185.28. The KMI 30 index depreciated by 181.89 pts ending at 86,673.20. While the KSE All share index rose by 34.00 pts closing at 34,039.84.

Overall market volumes plummeted from 426.84 mn shares in the preceding session to 363.98 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL -1.45%), The Bank of Punjab Limited (BOP +10.78%) and K-Electric Limited (KEL -0.31%). The scrips had 57.47 mn shares, 46.06 mn shares and 20.80 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Oil and Gas Exploration sector (+23.55 pts), Investment Banking sector (+16.93 pts) and Fertilizer sector (+12.60 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH +15.31 pts), Pakistan Petroleum Limited (PPL +14.48 pts) and Habib Bank Limited (HBL +11.43 pts), were top points contributors.

The Power Generation and Distribution sector gathered 0.14% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +0.02%), Pakgen Power Limited (PKGP +0.30%) and Nishat Power Limited (NPL +0.39%), all closed in green.

Bestway Cement Limited (BWCL +0.90%) announced its financials for 1QFY24. Profit went down by 7.06% YoY. Sales appreciated by 38.99% YoY. Finance cost surged from Rs 896.36 mn in SPLY to Rs 3.02 bn and EPS fell from Rs 5.55 in 1QFY23 to Rs 5.16

Values as at 04:10 PM PST