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DAILY MARKET WRAP
Volatile Session Ends Flat!
Investors of the Pakistan Stock Exchange (PSX) endured a volatile session on Tuesday. Indices oscillated between both zones until finally closing flat. Volumes appreciated from last close. Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price was down by 0.99% to $68.52. While Brent crude oil price was down by 0.89% to $73.54. (As at 4:17 PM PST, Source: investing.com).
On the economic front, the State Bank’s Monetary Policy Committee has decided to raise interest rate by 100 bps to 22.00%.
Moreover, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.7186/US$ (0.25%) against the US Dollar on DoD basis ending the session at PKR 285.9905/US$.
During the day, the benchmark KSE 100 index swung between intraday low of 41,208.20 (losing 228.90 pts) and intraday high of 41,606.25 (accumulating 169.15 pts). It settled flat by positive 15.58 pts at 41,452.69. The KMI 30 index slipped by 529.54 pts closing at 70,748.13. While the KSE All share index closed at 28,111.03 with an addition of 145.06 pts.
Total traded volumes grew from 221.39 mn shares in the previous session to 233.04 mn shares. Top contributors to the volume chart were, BankIslami Pakistan Limited (BIPL +7.51%), Worldcall Telecom (WTL -3.57%) and Oil and Gas Development Company Limited (OGDC +0.74%). The scrips had 17.40 mn shares, 11.63 mn shares and 10.92 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index north included, Banking sector (120.16 pts), Power Generation and Distribution sector (9.68 pts) and Tobacco sector (9.68 pts). Company-wise, Habib Bank Limited (HBL 67.84 pts), Bank Al Habib Limited (BAHL 6.33 pts) and Pakistan State Oil Company Limited (PSO 14.51 pts), were top points contributors.
The Banking sector went up by 0.98% in its cumulative market capitalization. United Bank Limited (UBL 0.03%), Habib Bank Limited (HBL 4.75%), Standard Chartered Bank (Pakistan) Limited (SCBPL 5.99%) and Allied Bank Limited (ABL 2.26%), all closed in green.
Values as at 04:18 PM PST