DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended a volatile session flat on Wednesday. Indices accumulated gains for most part of the day while trading volumes dropped from last close. As per analysts, investors adopted a cautious approach ahead of the monetary policy meeting which likely contributed to the relatively stable market performance, despite earlier gains.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.72% to $89.48. While Brent crude oil price was up by 0.66% to $92.67. (As at 3:59 PM PST, Source: Investing.com).

The benchmark KSE 100 initially slipped to day’s low of 45,500.22 falling by 8.18 pts. It then gained momentum and soared to day’s high of 45,732.73 with an addition of 224.33 pts. The index settled flat by positive 82.53 pts at 45,590.93. The KMI 30 index registered an increase of 500.94 pts ending at 76,816.74. While the KSE All share index gathered 49.54 pts closing at 30,426.68.

Market volumes declined further from 124.85 mn shares in the preceding session to 102.60 mn shares. Dewan Farooque Motors Limited (DFML +0.88%) had the highest participation with 7.20 mn shares exchanged. Followed by Agritech Limited (AGL), which surged by 14.45% in its share price and saw a trading volume of 6.51 mn shares. Third in line was Cynergyico PK Limited (CNERGY +0.35%) with 5.01 mn shares traded.

Sectors propelling the benchmark KSE 100 index higher were Investment Banking sector (+60.24 pts), Cement sector (+51.10 pts) and Oil and Gas Marketing sector (+17.13 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH +60.24 pts), Lucky Cement Limited (LUCK +41.09 pts) and Pakistan Petroleum Limited (PPL +15.17 pts), drove the index forward.

The Engineering sector gained 0.83% in its cumulative market capitalization. International Steels Limited (ISL +0.16%), Mughal Iron and Steel Industries Limited (MUGHAL +1.50%), International Industries Limited (INIL +1.13%) and Agha Steel Industries Limited (AGHA +3.26%), were top points contributors.

Values as at 04:08 PM PST