DAILY MARKET WRAP

Bulls outshined the bears once again at the Pakistan Stock Exchange (PSX) on Wednesday. Indices traded in green for most part of the day while volumes surged from previous close. As per analysts, an upward trend prevailed in the market as investors hope for positive news from the government regarding IMF loan revival.

Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.15% to $75.48. While Brent crude oil price was down by 0.96% to $82.25. (As at 3:54 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 0.6154/US$ (0.23%) against the US Dollar on DoD basis ending the session at PKR 261.8981/US$.

Losing 26.81 the benchmark KSE 100 index fell to day’s low of 40,923.03. It then climbed to day’s high of 41,212.95 (gaining 263.11 pts). The index settled higher by 217.76 pts at 41,167.60. The KMI 30 index jumped up by 95.98 pts closing at 70,846.63. While the KSE All share index surged by 95.24 pts settling at 27,175.12.

Overall market volumes appreciated from 96.48 mn shares in last session to 196.33 mn shares. Worldcall Telecom Limited (WTL +7.69%), Maple Leaf Cement Factory Limited (MLCF +7.47%) and Oil and Gas Development Company limited (OGDC -0.49%). The scrips had 44.21 mn shares, 22.37 mn shares and 10.37 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included Banking sector (123.57 pts), Cement sector (68.44 pts) and Power Generation and Distribution sector (53.47 pts). Company-wise, United Bank limited (UBL 99.41 pts), The Hub Power Company Limited (HUBC 44.75 pts) and Maple Leaf Cement Factory Limited (MLCF 21.32 pts) were top positive contributors.

The Power Generation and Distribution sector gained 2.42% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 2.61%), K-Electric Limited (KEL 2.73%), Kot Addu Power Company Limited (KAPCO 1.29%) and Engro Powergen Qadirpur Limited (EPQL 0.72%), all closed positive.

Values as at 04:0 PM PST