DAILY MARKET WRAP

Bulls lost their hold over the Pakistan Stock Exchange (PSX) on Wednesday. Indices traded in both zones while volumes fell from last close. Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.40% to $71.14. While Brent crude oil price was up by 0.37% to $75.19. (As at 4:21 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), Pakistan reported a current account surplus of US$18 mn in Apr‘23 as compared to a deficit of US$(640) mn in SPLY & surplus of US$750 mn in Mar’23. On cumulative basis, the country recorded a deficit of US$ (3,258) mn during Jul-Apr FY23 as compared to US$ (13,654) in SPLY.

During the day, the benchmark KSE 100 index gained 103.78 pts recording intraday high of 42,110.03. It then fell to day’s low of 41,818.34 (losing 187.91 pts). The index settled lower by 172.59 pts at 41,833.66. The KMI 30 index lost 661.38 pts closing at 71,503.80. While the KSE All share index went down by 76.40 pts ending at 27,560.97.

Total traded volumes went down from 196.00 mn shares in the precious session to 125.45 mn shares. Top positions on the volume chart were occupied by Worldcall Telecom Limited (WTL -0.87%), Fauji Foods Limited (FFL +2.02%) and Hum Network Limited (HUMNL +2.64%). The scrips had 18.43 mn shares, 8.45 mn shares and 6.06 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (98.63 pts), Investment banking sector (35.46 pts) and Technology and Communication sector (34.11 pts). Company-wise, Pakistan Oilfields Limited (POL 36.52 pts), Dawood Hercules Corporation Limited (DAWH 34.65 pts) and Oil and Gas Development Company Limited (OGDC 30.18 pts), were top negative contributors.

The Cement sector lost 0.88% in its cumulative market capitalization. Lucky Cement Limited (LUCK 0.34%), Maple Leaf Cement Factory Limited (MLCF 1.57%) and Cherat Cement Company Limited (CHCC 1.25%), all closed in red.

Values as at 04:24 PM PST