DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its winning streak on Wednesday. Indices traded in green all day long after an initial dip while volumes witnessed a notable uptick from last session.

Equity markets around the globe, showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.84% to $87.59. While Brent crude oil price was down by 1.75% to $89.33. (As at 3:59 PM PST, Source: Investing.com).

Losing 8.01 pts, the benchmark KSE 100 index slipped to day’s low of 46,748.79. It then gathered 442.70 pts climbing to day’s high of 47,199.50. The index settled above the 47,000 mark at 47,079.83 with an addition of 323.03 pts. The KMI 30 index grew by 123.79 pts ending at 79,087.69. While the KSE All share index was up by 157.46 pts ending the session at 31,585.68.

Overall market volume appreciated from 212.63 mn shares in the previous session to 330.17 mn shares. Worldcall Telecom Limited (WTL +12.80%) topped the volume chart for the third time in a row with 150.53 mn shares exchanged. Its contribution to the traded volume increased further from 30% to nearly 46% on Wednesday. Next in line were Pakistan Refinery Limited (PRL +2.12%) and Bank Islami Pakistan Limited (BIPL -3.52%). The scrips had 12.97 mn shares and 11.21 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Banking sector (+271.32 pts), Fertilizer sector (+33.64 pts) and Chemical sector (+32.37 pts). Company-wise, Habib Bank Limited (HBL +97.36 pts), MCB Bank Limited (MCB +62.08 pts) and United Bank Limited (UBL +50.92 pts), were top points contributors.

The Banking sector gained +2.72% in its cumulative market capitalization. United Bank Limited (UBL +2.64%), MCB Bank Limited (MCB +4.16%), Standard Chartered Bank (Pak) Limited (SCBPL +0.03%) and Habib Bank Limited (HBL +5.99%), all closed in green.

Values as at 04:15 PM PST