DAILY MARKET WRAP

Volatility marred the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices swayed both ways in search of a direction until finally settling flat, while volumes fell from last close. Equity markets around the showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.85% to $75.61. While Brent crude oil price was up by 0.29% to $85.59. (As at 2:12 PM PST, Source: Investing.com).

Losing 96.99 pts, the benchmark index recorded intraday low of 39,845.06. Recovering all losses, the index jumped to day’s high of 40,066.73 gaining 124.68 pts. It settled flat by positive 58.32 pts at 40,000.37. The KMI 30 index gained 142.25 pts closing at 68,920.02. While the KSE All Share index inched up by 0.07 pts ending at 26,424.98.

Overall market volumes increased from 46.02 mn shares in last session to 64.51 mn shares. Worldcall Telecom (WTL +0.00%) led the volume chart with 5.04 mn shares exchanged. Followed by Meezan Bank Limited (MEBL +0.14%) and Telecard Limited (TELE +3.26%). The scrips had 4.76 mn shares and 4.35 mn shares traded, respectively. Out of the total scrips traded, 121 advanced, 148 declined and 278 remained unchanged.

Sectors pulling the benchmark KSE 100 index higher included Technology & Communication sector (47.97 pts), Fertilizer sector (32.48 pts) and Commercial Banks sector (6.02 pts). Company-wise, Systems Limited (SYS 48.60 pts), Fauji Fertilizer Company Limited (FFC 24.42 pts) and Engro Fertilizer Limited (EFERT 15.12 pts) were top contributors.

The Technology & Communication sector gained 1.27% in its cumulative market capitalization. Systems Limited (SYS 2.08%), TRG Pakistan Limited (TRG 0.17%), NetSol Technologies Limited (NETSOL 0.53%) and Telecard Limited (TELE 3.26%) all closed in green.

Values as at 02:18 PM PST