DAILY MARKET WRAP

Bulls took charge of the Pakistan Stock Exchange (PSX) on Tuesday. Indices swayed in both directions, while volumes shrunk from last close. Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.17% to $80.69. While Brent crude oil price was down by 0.14% to $84.64. (As at 2:41 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), large scale manufacturing index (LSMI) output decreased by 11.59% for Feb’23 when compared with SPLY and decreased by 0.50% when compared with Jan’23. Overall LSMI has shown a decline of 5.56% during Jul-Feb 2023, when compared with the SPLY.

During the day, the benchmark KSE 100 index swung between intraday low of 40,221.08 (losing 25.59 pts) and intraday high of 40,484.29 (gaining 237.62 pts). It settled higher by 201.38 pts at 40,448.05. The KMI 30 index inched up by 342.62 pts closing at 70,384.78. While the KSE All Share index rose by 122.22 pts settling at 26,678.48.

Overall market volumes depreciated from 94.63 mn shares in previous session to 67.49 mn share. Whereas total traded value declined from Rs. 3.06 bn on Monday to Rs. 2.27 bn on Tuesday. Highest trading volume was witnessed in K-Electric Limited (KEL -1.00%) with 3.53 mn shares traded. Followed by Worldcall Telecom Limited (WTL +0.00%) and Hascol Petroleum Limited (HASCOL -2.80%). The scrips had 3.23 mn shares and 2.76 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Fertilizer sector (86.97 pts), Banking sector (69.69 pts) and Power Generation and Distribution sector (22.45 pts). Company-wise, Engro Corporation Limited (ENGRO 73.61 pts), United Bank Limited (UBL 22.86 pts) and Bank AL Habib Limited (BAHL 17.55 pts), were top positive contributors.

The Banking sector gained 0.85% in its cumulative market capitalization. Meezan Bank Limited (MEBL 0.66%), United Bank Limited (UBL 1.61%) and Habib Bank Limited (HBL 0.94%), all closed in green.

Values as at 02:48 PM PST