DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) bounced back on Wednesday ending the day in green. Indices accumulated gains for most part of the day while volumes contracted compared to previous session.

Global equity markets showed positive trend. Crude oil prices moved in the opposite direction with WTI crude oil price falling by 0.75% to $75.00. While Brent crude oil price was down by 0.62% to $80.35. (As at 3:49 PM PST, Source: Investing.com).

Bears initially drove the benchmark KSE 100 index to day’s low of 58,758.48 losing 412.49 pts. Bulls then took over propelling the index to day’s high of 61,009.88 gaining 1,838.90 pts. The index settled higher at 60,863.62 with an addition of 1,692.64 pts. The KMI 30 index surged by 3,334.61 pts ending the session at 102,258.71. The KSE All share index jumped by 965.86 pts ending at 40,684.63.

Total volume dropped from 670.62 mn shares in the last session to 668.01 mn shares. Out of the total scrips traded 59% belonged to KSE 100 scrips. Volume leaders of the session were, K-Electric Limited (KEL +10.14%), Fauji Foods Limited (FFL +7.14%) and Pakistan Telecommunication Company Limited (PTC +0.33%). The scrips had 102.25 mn shares, 58.13 mn shares and 55.43 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included, Banking sector (+396.66 pts), Power Generation and Distribution sector (+207.60 pts) and Cement sector (+193.61 pts). Company-wise, The Hub Power Company Limited (HUBC +169.73 pts), Meezan Bank Limited (MEBL +113.65 pts) and Systems Limited (SYS +86.63 pts), were top points contributions.

The Power Generation and Distribution sector gained 5.15% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +5.63%), K-Electric Limited (KEL +9.91%), Kot Addu Power Company Limited (KAPCO +0.65%) and Nishat Power Limited (NPL +2.46%), all closed in green.

Values as at 04:07 PM