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DAILY MARKET WRAP
Bulls Lead the Way!
Bulls of the Pakistan Stock Exchange (PSX) remained on a roll on Wednesday. Indices traded in green for most part of the day while volumes inched up from last close. Equity markets around the world showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.87% to $82.08. While Brent crude oil price was up by 0.77% to $85.56. (As at 3:56 PM PST, Source: Investing.com).
On the economic front, as per data published by the Pakistan Bureau of Statistics (PBS), exports fell by 8.58% YoY, while imports contracted by 26.44% in the same period. As a result, trade deficit declined by 41.16% to US$ 1,607 mn.
The benchmark KSE 100 slipped to day’s low of 48,178.89 when trading began losing 51.62 pts. It immediately recovered and gained momentum till it reached day’s high of 48,852.05 gathering 621.54 pts. The index settled higher by 534.05 pts at 48,764.55. The KMI 30 index grew by 1,093.68 pts ending at 81,758.03. While the KSE All share index was up by 353.65 pts closing at 32,502.45.
Overall market volume went up from 553.45 mn shares in the previous session to 555.05 mn shares. Toppers of the volume chart were Cynyergyico PK Limited (CNERGY+7.12%), The Bank of Punjab Limited (BOP +5.26%) and Pakistan Refinery Limited (PRL +3.94%). The scrips had 92.89 mn shares, 46.96 mn shares and 31.06 mn shares exchanged, respectively.
Sectors driving the benchmark KSE 100 index forward included, Oil and gas Exploration sector (157.15 pts), Banking sector (144.78 pts) and Fertilizer sector (58.40 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 112.17 pts), Habib Bank Limited (HBL 103.57 pts) and Engro Corporation Limited (ENGRO 50.90 pts), were top points contributors.
The Oil and Gas Exploration sector gained 2.58% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 6.28%), Mari Petroleum Company Limited (MARI 1.16%), Pakistan Petroleum Limited (PPL 2.31%), all closed in green.
MCB Bank Limited (MCB +1.85%) announced its financials for 2QFY23. Mark up earned appreciated by 78.18% YoY. Non-mark income increased by 13.47% YoY. EPS improved from Rs 1.87 in SPLY to Rs 11.50. Cumulative EPS for first 2 quarters stood at Rs 22.52 as compared to Rs 9.39 in SPLY.
Values as at 04:09 PM PST