DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a turbulent session on Monday flat. Indices swayed in both directions, while volumes surged from last close. Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.15% to $82.31. While Brent crude oil price was down by 0.10% to $86.22. (As at 2:51 PM PST, Source: Investing.com).

On the economic front, the government of Pakistan decided to raise petrol prices by Rs.10.00 from Rs.272.00 to Rs.282.00. Base price surged by Rs.9.58 to Rs.216.74 (77% of total cost). Retailer and freight cost went up by Rs.0.42 to Rs.15.26. While petroleum levy and sales tax remained unchanged at Rs.50.00 and zero, respectively.

The benchmark KSE 100 index gained 292.55 pts recording intraday high of 40,418.60. The index settled flat by positive 79.49 pts at 40,205.54. The KMI 30 index inclined by 103.54 pts closing at 70,128.21. While the KSE All Share index up by 40.54 pts settling at 26,479.48.

Overall market volumes inched up from 79.79 mn shares in the previous session to 89.02 mn shares. Worldcall Telecom Limited (WTL +0.00%) witnessed highest market volumes with 7.77 mn shares traded. Followed by K-Electric Limited (KEL -1.00%) and Pakistan Petroleum limited (PPL +0.36%). The scrips had 4.22 mn shares and 3.95 mn shares traded, respectively.

Sectors raising the benchmark KSE 100 index higher, included Banking sector (34.38 pts), Power Generation and Distribution sector (20.83 pts) and Cement sector (18.00 pts). Company-wise, The Hub Power Company Limited (HUBC 21.09 pts), Meezan Bank Limited (MEBL 18.67 pts) and Lucky Cement Limited (LUCK 11.41 pts), were top positive contributors.

The Power Generation & Distribution sector gained 0.93% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 1.18%), Saif Power Limited (SPWL 0.07%) and Kot Addu Power Company Limited (KAPCO 0.41%), all closed in green.

The exchange will remain closed on Friday 14th April 2023 on account of Juma-tul-Wida.

Values as at 02:28 PM PST