DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended another session on Wednesday flat. Indices accumulated gains for most part of the day until finally settling flat. While volumes increased from last close. As per analysts, investors remained wary as no positive developments have yet been made regarding IMF deal. Noise on the political front also contributed to the dull trend.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.70% to $74.15. While Brent crude oil price was down by 1.24% to $78.07. (As at 4:32 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.0127/US$ (0.004%) against the US Dollar on DoD basis ending the session at PKR 287.1329/US$.

During the day, the benchmark KSE 100 index oscillated between intraday high of 41,342.23 (gaining 242.92 pts) and intraday low of 41,064.40 (losing 34.91 pts). It settled flat by positive 18.02 pts closing at 41,117.33. The KMI 30 index fell by 91.17 pts closing at 70,271.94. While the KSE All share index accumulated 121.93 pts settling at 27,485.23.

A minor increase was recorded in overall market volumes from 91.02 mn shares in the previous session to 100.54 mn shares. Topping the volume chart with 21.34 mn shares traded was Hascol Petroleum Limited (HASCOL +19.04%). Followed by Worlcall Telecom Limited (WTL +0.00%) and Fauji Foods Limited (FFL -5.60%). The scrips had 5.75 mn and 5.01 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included, Textile Composite sector (26.97 pts), Food and Personal Care Products sector (23.61 pts) and Oil and Gas Exploration sector (22.65 pts). Company-wise, Pakistan Oilfields Limited (POL 21.10 pts), Nishat Mills Limited (NML 12.77 pts) and Nestle Pakistan Limited (NESTLE 12.70 pts), were top points contributors.

The Textile Composite sector gained 3.89% in its cumulative market capitalization. Interloop Limited (ILP 2.23%), Nishat Mills Limited (NML 5.66%) and Kohinoor Textile Mills Limited (KTML 1.42%), all closed in green.

Values as at 04:36 PM PST