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DAILY MARKET WRAP
Bumpy Session Ends Flat!
Volatility marred the Pakistan Stock Exchange (PSX) on Wednesday. Indices swung in both directions until finally closing flat, while volumes contracted from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.98% to $71.17. While Brent crude oil price was down by 0.29% to $76.03. (As at 4:01 PM PST, Source: Investing.com).
On the economic front, as per data released by the All-Pakistan Cement Manufacturers Association (APCMA), domestic cement sales fell by 29.97% on YoY basis while exports increased by 102.82% from SPLY. On MoM basis, domestic cement sales inched up by 1.57% while exports up by 8.07%.
During the day, the benchmark KSE 100 index oscillated between intraday high of 44,041.26 (gaining 484.24 pts) and intraday low of 43,464.06 (losing 92.96 pts). It settled flat by negative 4.18 pts at 43,552.84. The KMI 30 index fell by 198.05 pts closing at 74,553.23. While the KSE All share index settled at 29,198.58 with a loss of 28.82 pts.
Total traded volumes witnessed a decrease from 418.54 mn shares in the previous session to 341.70 mn shares. Pakistan Refinery Limited (PRL +2.94%) secured first position on the volume chart with 27.32 mn shares traded. Followed by Cynergyico PK Limited (CNERGY +0.95%) and Worldcall Telecom (WTL +2.61%). The scrips had 20.45 mn shares and 16.64 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index south included, Fertilizer sector (57.06 pts), Oil and Gas Exploration sector (54.63 pts) and Automobile Assembler sector (21.60 pts). Company-wise, Engro Corporation Limited (ENGRO 26.19 pts), Oil and Gas Development Company Limited (OGDC 24.26 pts) and Engro Fertilizers Limited (EFERT 21.75 pts), were top negative contributors.
The Fertilizer sector fell by 1.30% in its cumulative market capitalization. Engro Corporation Limited (ENGRO 1.08%), Fauji Fertilizer Company Limited (FFC 0.29%), Engro Fertilizer Limited (EFERT 1.33%) and Fatima Fertilizer Company Limited (FATIMA 1.77%), all closed in red.
Values as at 04:14 PM PST