DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed a bumpy session on Wednesday. Indices traded between both zones until finally closing flat. Volumes went up from last close. Equity markets around the world showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.47% to $70.44. While Brent crude oil price was up by 1.52% to $75.42. (As at 3:54 PM PST, Source: Investing.com).

Accumulating 205.71 pts, the benchmark KSE 100 index soared to day’s high of 41,744.44. Failing to sustain the gains, it slipped to day’s low of 41,448.61, losing 90.11 pts. The index settled flat by negative 24.28 pts at 41,514.45. The KMI 30 index went down by 2.59 pts closing at 71,662.33. While the KSE All share index depreciated by 30.63 pts ending at 28,093.72.

Total traded volume rose from 143.73 mn shares in the previous session to 179.22 mn shares. TPL Properties Limited (TPLP +3.86%) made its way to the top of the volume chart with 45.79 mn shares traded. Hascol Petroleum Limited (HASCOL -2.39%) was pushed to second place with 22.65 mn shares traded. Worldcall Telecom Limited (WTL -0.86%) remained at third place with 19.08 mn shares exchanged.

Sectors driving the benchmark KSE 100 index south included, Technology and Communication sector (27.03 pts), Power Generation and Distribution sector (20.43 pts) and Food and Personal Care Products sector (18.00 pts). Company-wise, Nestle Pakistan Limited (NESTLE 21.62 pts), The Hub Power Company Limited (HUBC 19.65 pts) and Systems Limited (SYS 18.84 pts), were top negative contributors.

The Power Generation and Distribution sector lost 0.90% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 1.06%), K-Electric Limited (KEL 1.11%), Engro Powergen Qadirpur Limited (EPQL 0.21%) and Saif Power Limited (SAIF 0.28%), all closed in red.

Agritech Limited (AGL -1.48%), in a notification to the Exchange, stated that the urea plant operations of the company will stand suspended from June 13, 2023 due to suspension of gas supply as a result of the cyclone Biporjoy threat alert.

Values as at 04:15 PM PST