DAILY MARKET WRAP

Bulls ruled the Pakistan Stock Exchange (PSX) on Wednesday. Indices accumulated gains all day long while volumes appreciated from last close. As per analysts, positive sentiments prevailed at the Exchange on hopes that the ninth review of the International Monetary Fund (IMF) programme would be completed soon.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.16% to $80.05. While Brent crude oil price was up by 0.14% to $86.01. (As at 3:57 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani rupee lost PKR 0.4915/USD (0.21%) against the US Dollar on DoD basis ending the session at PKR 230.8946/US$.

Gaining 889.97 pts, the benchmark KSE 100 index recorded intraday high of 39,945.62. It settled higher by 729.25 pts at 39,784.90. The KMI 30 index appreciated by 1,132.98 pts closing at 68,122.29. While the KSE All Share index was up by 396.39 pts ending at 26,690.94.

Overall market volumes appreciated from 179.74 mn shares in last session to 269.15 mn shares. Worldcall Telecom (WTL +4.39%), TPL Properties Limited (TPLP +3.03%) and Pak Petroleum Limited (PPL +2.58%) led the volume chart. The scrips had 20.61 mn shares, 14.44 mn shares and 13.26 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index in green included Banking sector (286.34 pts), Fertilizer sector (107.10 pts) and Oil & Gas Exploration sector (99.92 pts). Company-wise, Engro Corporation Limited (ENGRO 110.05 pts), Habib Bank Limited (HBL 92.66 pts) and MCB Bank Limited (MCB 55.61 pts) were top points contributors.

The Bank sector gained 3.10% in its cumulative market capitalization. Meezan Bank Limited (MEBL 1.21%), MCB Bank Limited (MCB 4.66%), United Bank Limited (UBL 4.63%) and Habib Bank Limited (HBL 7.49%), all closed in green.

Values as at 04:12 PM PST