DAILY MARKET WRAP

Another round of volatile trading continued at the Pakistan Stock Exchange (PSX) on Wednesday. Indices swayed both ways while volumes appreciated from last close. As per analysts, turmoil on the political front and delay in the International Monetary Fund (IMF) program dented investors confidence.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.81% to $70.75. While Brent crude oil price was up by 0.75% to $76.87. (As at 3:52 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee PKR 0.5620/USD (0.20%) against the US Dollar on DoD basis ending the session at PKR 282.8516/US$.

The benchmark KSE 100 index swung between intraday high of 42,010.06 (193.63 pts) and low of 41,607.05 (down by 209.38 pts). It ended flat by positive 57.61 pts at 41,874.04. The KMI 30 index went up by 224.30 pts closing at 72,491.46. While the KSE All share index appreciated by 40.32 pts ending the session at 27,409.69.

Sectors driving the benchmark KSE 100 index north included Cement sector (118.50 pts), Banking sector (20.63 pts) and Engineering sector (19.20 pts). Company-wise, Lucky Cement Limited (LUCK 28.47 pts), Maple Leaf Cement Factory Limited (MLCF 22.52 pts) and Meezan Bank Limited (MEBL 22.17 pts), were top points contributors.

Sectors dragging the benchmark KSE 100 index lower included Oil and Gas Exploration sector (44.88 pts), Cement sector (28.93 pts) and Chemical sector (19.37 pts). Companies that drove the index south included, Oil and Gas Development Company Limited (OGDC 24.20 pts), Pakistan Petroleum Limited (PPL 21.11 pts) and Lucky Cement Limited (LUCK 20.47 pts).

The Cement sector clenched 4.02% in its total market capitalization. Lucky Cement Limited (LUCK 2.26%), Bestway Cement Limited (BWCL 1.13%), Kohat Cement Company Limited (KOHC 2.69%) and Fauji Cement Company Limited (FCCL 6.10%), all closed in green.

Values as at 04:11 PM PST