DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended another volatile session on Wednesday flat. Indices accumulated gains for most part of the day until finally settling flat. Volumes increased from last close. Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.26% to $77.38. While Brent crude oil price was down by 0.01% to $83.28. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s central government’s debt rose by 30% on YoY basis to Rs 54,942 bn. Out of the total debt 62% debt was from domestic sources, while remaining 38% was from external sources.

The benchmark KSE 100 index climbed to day’s high of 41,618.66 gathering 283.97 pts. It settled flat by positive 24.24 pts at 41,358.93. The KMI 30 index inched up by 7.07 pts closing at 70,843.76. While the KSE All share index went up by 37.29 pts ending the session at 27,071.63.

A minor increase was recorded in overall market volumes from 160.02 mn shares in the previous session to 161.78 mn shares. Topping the volume chart with 14.38 mn shares traded was Hascol Petroleum Limited (HASCOL +9.86%). Followed by Telecard Limited (TELE -3.93%) and Worldcall Telecom Limited (WTL -1.55%). The scrips had 7.95 mn and 7.81 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included, Power Generation and Distribution sector (43.78 pts), Baking sector (41.46 pts) and Oil and Gas Exploration sector (22.76 pts). Company-wise, The Hub Power Company Limited (HUBC 47.40 pts), Habib Bank Limited (HBL 23.89 pts) and Oil and Gas Development Company Limited (OGDC 16.91 pts), were top points contributors.

The Power Generation and Distribution sector gained 1.89% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 2.55%), Engro Powergen Qadirpur Limited (EPQL 2.90%) and Saif Power Limited (SPWL 2.19%), all closed in green.

Values as at 04:07 PM PST