DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a roller-coaster session on Wednesday flat. Indices initially showed gains before eventually settling unchanged while trading activity witnessed a decline compared to the previous close.

Equity markets worldwide displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.59% to $91.83. While Brent crude oil price was up by 1.09% to $93.44. (As at 3:56 PM PST, Source: Investing.com).

Losing 39.54 pts, the benchmark KSE 100 index crawled to day’s low of 46,238.12. Bulls then drove the index to day’s high of 46,448.34 (up by 170.68 pts). Momentum then eased and the index settled flat by positive 87.38 pts at 46,365.04. The KMI 30 index appreciated by 253.10 pts ending at 78,073.24. While the KSE All share index ballooned by 125.49 pts settling at 31,250.00.

There was a reduction in market volumes, as the number of shares traded decreased from 258.87 mn shares in the last session to 177.43 mn shares. Volume leaders of the session were Maple Leaf Cement Factory Limited (MLCF +2.34%), Pakistan Petroleum Limited (PPL +2.37%) and Worldcall Telecom Limited (WTL -0.87%). The scrips had 11.09 mn shares, 9.10 mn shares and 7.05 mn shares exchanged, respectively.

The benchmark KSE 100 index received a lift from several sectors, with notable gains coming from the Oil and Gas Exploration sector (+55.27 pts), Fertilizer sector (+24.78 pts) and Cement sector (+23.09 pts). Company-wise, Oil and Gas Development Companies Limited (OGDC +26.41 pts), Pakistan Petroleum Limited (PPL +22.42 pts) and Fauji Fertilizer Company Limited (FFC +18.60 pts), were top points contributors.

The Cement sector gained 0.92% in its cumulative market capitalization. Lucky Cement Limited (LUCK +0.19%), Bestway Cement Limited (BWCL +3.02%), Kohat Cement Company Limited (KOHC +2.86%) and Maple Leaf Cement Factory Limited (MLCF +2.34%), all closed positive.

Values as at 04:07 PM PST