DAILY MARKET WRAP

Bulls reappeared at the Pakistan Stock Exchange (PSX) mid-week as a result of last-minute trading decisions by investors. Indices accumulated gains for most part of the day while volumes rose from last close.

Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.38% to $86.36. While Brent crude oil price was down by 0.48% to $89.61 (As at 3:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially recorded day’s low of 45,460.28 losing 31.20 pts. It then gained momentum rapidly during final hours of trade recording intraday high of 45,854.19 rising by 362.70 pts. The index settled higher by 316.09 pts ending at 45,807.58. The KMI 30 index grew by 508.10 pts ending at 76,357.72. While the KSE All share index inched up by 156.46 pts settling at 30,470.03.

Overall market volumes clocked in at 138.58 mn shares from 121.11 mn shares in the previous session. Kot Addu Power Company Limited (KAPCO +7.52) was volume leader of the session with 14.23 mn shares traded. Next in Line was Maple Leaf Cement Factory Limited (MLCF +2.65%) and Worldcall Telecom Limited (WTL -0.86%). The scrips had 12.89 mn shares and 10.60 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (+79.36 pts), Oil and Gas Exploration sector (+67.17 pts) and Power Generation and Distribution sector (+41.60 pts). Company-wise, United Bank Limited (UBL +35.15 pts), Pakistan Petroleum Limited (PPL +30.38), Oil and Gas Development (OGDC +25.10 pts), were top points contributors.

The Technology and Communication sector gained 0.89% in its cumulative market capitalization. Systems Limited (SYS +0.73%), TRG Pakistan Limited (TRG +1.24%), Pakistan Telecommunication Company Limited (PTC +0.35%), and Avanceon Limited (AVN +0.70%), all closed in green.

Values as at 04:07 PM PST