DAILY MARKET WRAP

The Pakistan Stock Exchange ended a volatile session on Wednesday flat. Indices traded in green for most part of the day until finally ending flat, while volumes depreciated from last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.09% to $78.94. While Brent crude oil price was down by 0.16% to $85.32. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), CPI inflation increased to 27.60% on YoY basis in Jan 2023 as compared to an increase of 24.50% in Dec'22 and 13.00% in SPLY. On MoM basis, it increased to 2.90% in Jan 2023 as compared to an increase of 0.50% in Dec'22 & an increase of 0.40% in SPLY.

The benchmark KSE 100 index swung between intraday high of 40,985.46 (+312.40 pts) and intraday low of 40,611.15 (-61.91 pts). It ended flat by -53.12 pts at 40,619.94. The KMI 30 index fell by 68.26 pts closing at 69,371.12. While the KSE All Share index declined by 15.82 pts settling at 27,085.05.

Overall market volumes fell from 152.51 mn shares in last session to 130.65 mn shares. Whereas total traded value went down from Rs.7.43 bn on Tuesday to Rs.5.87 bn. Pakistan Petroleum Limited (PPL -1.16%) topped the volume chart with 9.47 mn shares traded. Followed by Gul Ahmed Textile Mills Limited (GATM +2.78%) and Pakistan International Airlines Corp (PIAA +7.84%). The scrips had 8.35 mn shares and 8.31 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index lower included, Miscellaneous sector (81.42 pts), Oil and Gas Exploration sector (34.81 pts) and Technology and Communication sector (22.28 pts). Company-wise, Pakistan Services Limited (PSEL 85.91 pts), Pakistan Petroleum Limited (PPL 15.58 pts) and TRG Pakistan Limited (TRG 13.85 pts), were top negative contributors.

The Oil & Gas Exploration sector lost 0.66% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 0.57%), Pak Petroleum Limited (PPL 1.16 %), and Mari Petroleum Company Limited (MARI 0.50%), all closed in red.

Values as at 04:09 PM PST