DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended a volatile session on Wednesday flat. Indices swayed in both directions, while volumes appreciated from last close. Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 2.08% to $79.22. While Brent crude oil price was down by 1.96% to $83.11. (As at 2:52 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.0068/US$ (0.002%) against the US Dollar on DoD basis ending the session at PKR 283.8943/US$.

Losing 158.10 pts, the benchmark KSE 100 slipped to day’s low of 40,289.95. Gaining momentum, it then crawled to day’s high of 40,532.76 (gathering 84.71 pts). The index settled flat by positive 51.29 pts at 40,499.34. The KMI 30 index jumped up by 145.21 pts closing at 70,529.99. While the KSE All share index settled at 26,723.47 with a gain of 44.99 pts.

Overall market volumes appreciated from 67.49 mn shares in the last session to 84.11 mn shares. Toppers of the volume chart were, Silkbank Limited (SILK +10.00%), Worldcall Telecom Limited (WTL -0.86%) and Engro Corporation Limited (ENGRO +2.63%). The scrips had 6.39 mn shares, 5.13 mn shares and 4.28 mn shares traded respectively. Out of the total scrips traded 164 advanced, 103 declined and 279 remained unchanged.

Sectors lifting the benchmark KSE 100 index higher included, Fertilizer sector (68.29 pts), Oil and Gas Exploration sector (25.66 pts) and Chemical sector (18.34 pts). Whereas companies driving the index north included, Engro Corporation Limited (ENGRO 59.07 pts), MCB Bank Limited (MCB 12.68 pts) and Dawood Hercules Corporation Limited (DAWH 11.68 pts).

The Engineering sector gained 1.35% in its cumulative market capitalization. International Steels Limited (ISL 0.83%), Mughal Iron and Steel Industries Limited (MUGHAL 2.65%), International Industries Limited (INIL 0.92%) and Amreli Steels Limited (ASTL 0.62%), all closed positive.

Values as at 02:51 PM PST