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DAILY MARKET WRAP
Another Volatile Session Ends Flat!
The Pakistan Stock Exchange (PSX) ended another turbulent session flat on Wednesday. Indices swung high and low while volumes inched up from last close. As per analysts, investors showed low interest in the market due to devaluation of Pakistani rupee against the US dollar.
Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.56% to $78.40. While Brent crude oil price was down by 1.51% to $82.76. (As at 3:55 PM PST, Source: Investing.com).
During the day, the benchmark KSE 100 index oscillated between intraday high of 47,588.24 (gaining 170.34 pts) and intraday low of 47,007.66 (losing 410.24 pts). It settled flat at 47,418.63 with a slight difference of positive 0.73 pts from previous close. The KMI 30 index shed 24.59 pts ending at 80,137.68. While the KSE All share index dropped 36.94 pts settling at 31,494.11.
Total traded volume increased from 185.65 mn shares in the previous session to 188.29 mn shares. Out of the total shares traded 51.12% belonged to KSE 100 scrips. Worldcall Telecom Limited (WTL -1.55%) remained the volume leader with 20.95 mn shares exchanged. Followed by Oil and Gas Development Limited (OGDC +1.00%) and JS Bank Limited (JSBL -1.17%). The scrips had 15.99 mn shares and 12.24 mn shares traded, respectively.
Sectors adding gains to the benchmark KSE 100 index included, Banking sector (0.98 pts), Oil and Gas Exploration sector (0.33 pts) and Power Generation and Distribution sector (0.21 pts). Company-wise, Bank Al Habib Limited (BAHL 0.65 pts), The Hub Power Company Limited (HUBC 0.23 pts) and Habib Bank Limited (HBL 0.19 pts), drove the index forward.
The Banking sector gained 1.10% in its cumulative market capitalization. Meezan Bank Limited (MEBL 0.26%), United Bank Limited (UBL 0.64%), Habib Bank Limited (HBL 1.21%) and Standard Chartered Bank Limited (SCBPL 2.35%), all closed positive.
Values as at 04:37 PM PST