DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) led the market for the third consecutive session on Wednesday. Indices accumulated gains all day long while volumes surged from last close. Analysts attributed the positive trend to encouraging news related to the expected resumption of the International Monetary Fund (IMF) programme in the ongoing month.

Equity markets around the world showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.09% to $72.49. While Brent crude oil price was up by 1.12% to $77.19. (As at 4:03 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.3213/USD (0.11%) against the US Dollar on DoD basis ending the session at PKR 286.8838/US$.

Accumulating 308.17 pts, the benchmark KSE 100 index recorded intraday high of 42,231.63. It settled higher by 219.25 pts to close at 42,142.71. The KMI 30 index jumped up by 369.08 pts settling at 72,862.34. While the KSE All share index climbed up by 171.27 pts ending at 28,272.66.

Overall market volumes appreciated from 240.80 mn shares in the previous session to 332.51 mn shares. Highest participation was witnessed in Worlcall Telecom Limited (WTL +6.09%) with 79.60 mn shares traded. Followed by Telecard Limited (TELE +6.62%) and Pakistan International Bulk Terminal Limited (PIBTL +3.05%). The scrips had 16.58 mn shares and 15.42 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Technology and Communication sector (100.89 pts), Chemical sector (48.67 pts) and Oil and Gas Exploration sector (36.49 pts). Company-wise Systems Limited (SYS 52.94 pts), Colgate Palmolive Pakistan Limited (COLG 39.79 pts) and TRG Pakistan Limited (TRG 36.60 pts), were top points contributors.

The Oil & Gas Marketing Companies sector gained 1.41% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 1.67%), Shell Pakistan Limited (SHEL 7.50%), Sui Northern Gas Pipeline Limited (SNGP 0.24%) and Attock Petroleum Limited (APL 0.04%), all closed in green.

Values as at 04:19 PM PST