DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) broke its losing streak on Wednesday. Indices oscillated between both directions until finally closing in green, while volume contracted compared to prior session. Analysts attributed the positive outcome to investor confidence following the release of the economic survey.

Global equity markets showed negative trend. Crude oil prices moved north, with WTI crude oil rising by 1.22% to $78.85. While Brent crude oil was down by 1.04% to $82.77. (As at 3:50 PM PST, Source: Investing.com).

Losing 125.25 pts, the benchmark KSE 100 index recorded intraday low of 72,464.24. It then gathered 579.51 pts and recorded day’s high of 73,169.00. The index settled at 72,797.43 with a gain of 207.94 pts. The KMI 30 index gained 630.33 pts to end the day at 120,030.04. While the KSE All share index jumped by 157.27 pts to close the day at 46,834.29.

Overall market volume fell from 371.92 mn shares the previous session to 292.92 mn shares. Toppers of the volume chart were, K-Elektric Limited (KEL +3.11%), PIA Holding Company Limited (PIAHCLA +6.31%) and Worldcall Telecom Limited (WTL +0.00%). The scrips had 28.44 mn shares, 27.44 mn shares and 20.52 mn shares traded, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+81.06 pts), Technology and Communication sector (+53.35 pts) and Fertilizer sector (+44.90 pts). Company-wise, Pakistan Petroleum Limited (PPL +50.18 pts), Systems Limited (SYS +33.54 pts), Engro Corporation Limited (ENGRO +27.07 pts), drove the index north.

The Oil and Gas Exploration sector gained 0.91% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +0.25%), Mari Petroleum Company Limited (MARI +0.47%), Pakistan Petroleum Limited (PPL +2.11%) and Pakistan Oilfields Limited (POL +0.76%), all closed in green.

Values as at 04:14 PM