DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a volatile trading session on Wednesday flat. Indices accumulated gains during initial hours however, selling pressure in the final hours levelled the index. Volumes inched up from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price falling by 0.23% to $80.53. While Brent crude oil price was down by 0.18% to $84.78. (As at 2:31 PM PST, Source: Investing.com).

On the economic front, the State Bank of Pakistan (SBP) decided to raise interest rate by 100 bps to a record high of 21.00% in order to combat inflation and achieve price stability.

Moreover, the Pakistani Rupee lost PKR 0.5605/USD (0.20%) against the US Dollar on DoD basis ending the session at PKR 287.8518/US$.

The benchmark KSE 100 index swung between intraday high of 39,910.05 (up by 222.79 pts) and low of 39,664.98 (down by 22.28 pts). It settled flat by positive 29.89 pts at 39,717.15. The KMI 30 index gained 2.73 pts closing at 68,823.89. While the KSE All Share index fell by 10.14 pts ending at 26,220.22.

Overall market volumes appreciated from 83.23 mn shares in last session to 86.67 mn shares. Highest participation was witnessed in Silkbank Limited (SILK 10.75%), Telecard Limited (TELE +0.00%) and Worldcall Telecom Limited (WTL -1.62%). The scrips had 11.00 mn shares, 5.69 mn shares and 5.35 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Miscellaneous sector (17.40 pts), Chemical sector (9.68 pts) and Power Generation and Distribution sector (7.69 pts). Company-wise, Habib Bank Limited (HBL 15.67 pts), Pakistan Services Limited (PSEL 12.74 pts) and The Hub Power Company Limited (HUBC 10.79 pts), were top points contributors.

The Pharmaceuticals sector gained 0.27% in its cumulative market capitalization. Abbot Laboratories (Pakistan) Limited (ABOT 1.42%), GlaxoSmithKline (Pakistan) Limited (GLAXO 0.83%) and IBL HealthCare Limited (IBLHL 1.22%) all closed in green.

Values as at 02:34 PM PST