DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a rocky trading session on Wednesday flat. Indices swung high and low before closing in negative territory. Volume grew compared to previous session. As per analysts, investors remained cautious as the government failed to secure an IMF loan this month.

Global equity markets exhibited negative trend. Crude oil prices moved south, with WTI crude oil prices falling by 1.59% to $74.33. While Brent crude oil price went down by 1.41% to $77.55 (As at 3:37 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 oscillated between intraday high of 78,334.61 (gaining 250.37 pts) and intraday low of 77,990.35 (losing 93.89 pts). It closed the session flat by negative 91.45 pts at 77,992.79. The KMI 30 index went up by 82.08 pts ending the day at 123,970.46. While the KSE All share index decreased by 91.76 pts to finish the day at 50,234.76.

Investor activity grew from 591.36 mn shares in the prior session to 635.00 mn shares. Highest market volumes were witnessed in, Kohinoor Spinning Mills Limited (KOSM -1.12%), Fauji Foods Limited (FFL +4.57%) and Yousaf Weaving Mills Limited (YOUW -4.44%). The scrips had 124.74 mn shares, 39.28 mn shares and 34.90 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index south included, Banking sector (-34.77 pts), Pharmaceutical sector (-31.46 pts) and Power Generation and Distribution sector (-25.33 pts). Company-wise, Bank Al Habib Limited (BAHL -23.91 pts), Hinoon Laboratories Limited (HINOON -20.88 pts) and Packages Limited (PKGS –20.65 pts), were top negative contributors.

The Banking sector lost 0.17% in its cumulative market capitalization. Meezan Bank Limited (MEBL -0.33%), United Bank Limited (UBL -0.03%), MCB Bank Limited (MCB -0.68%) and Standard Chartered Bank (Pak) Limited (SCBPL -0.71%), all closed in red.

Values as at 04:15 PM