DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed another day of fluctuation on Wednesday, ultimately closing in positive territory. Throughout the session, indices oscillated between gains and losses, accompanied by a decrease in trading volumes compared to previous closing day.

Worldwide equity markets displayed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.78% to $69.83. While Brent crude oil price was down by 0.59% to $75.44. (As at 3:58 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index swung between intraday low of 64,219.54 (falling by 130.06 pts) and intraday high of 65,244.60 (rising by 895.00 pts). It settled higher by 297.25 pts at 64,646.85. The KMI 30 index went up by 147.24 pts to close the day at 108,907.97. While the KSE All share index grew by 308.14 pts ending the session at 43,299.67.

Overall market volume contracted from 671.48 mn shares in the last session to 639.37 mn shares. Out of the total scrips traded 65.28% belonged to KSE 100 scrips. K-Electric Limited (KEL +3.21%), Worldcall Telecom Limited (WTL +5.80%) and Pakistan Refinery Limited (PRL -6.37%) topped the volume chart. The scrips had 127.79 mn shares, 50.43 mn shares and 35.84 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (+150.13 pts), Fertilizer sector (+96.39 pts) and Engineering sector (+36.60 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +87.68 pts), Pakistan Petroleum Limited (PPL +72.70 pts) and Fauji Fertilizer Company Limited (FFC +62.13 pts), were top points contributors.

The Fertilizer sector gained 1.24% in its cumulative market cap. Engro Corporation Limited (ENGRO +0.32%), Engro Fertilizers Limited (EFERT +0.90%), Fauji Fertilizers Company Limited (FFC +2.51 pts) and Fauji Fertilizer Bin Qasim Limited (FFBL +2.66%), all closed in green

Values as at 04:15 PM