DAILY MARKET WRAP

Recovering losses from the previous session, the Pakistan Stock Exchange (PSX) closed the session on Wednesday in green. Indices accumulated gains for most part of the day, while volumes depreciated from previous close.

Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.78% to $81.88. While Brent crude oil price was up by 1.42% to $87.14. (As at 3:50 PM PST, Source: Investing.com).

On the economic front as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.2500/USD (0.11%) against the US Dollar on DoD basis ending the session at PKR 228.9090/US$.

Losing 84.65 pts, the benchmark KSE 100 slipped to day’s low of 38,257.56. Gaining momentum, it then crawled to day’s high of 38,945.97 (gathering 603.76 pts). The index settled higher by 448.88 pts at 38,791.09. The KMI 30 index jumped up by 1,399.67 pts closing at 66,221.15. While the KSE All share index settled at 26,142.78 with a gain of 151.13 pts.

Overall market volumes shrunk from 204.64 mn shares in the previous session to 152.95 mn shares. Highest contributors to the volume chart were Worldcall Telecom Limited (WTL +2.73%), K-Electric Limited (KEL +5.80%) and TRG Pakistan Limited (TRG +4.64%). The scrips had 19.03 mn shares, 13.14 mn shares and 10.19 mn shares traded respectively. Ratio of advancers to decliners stood at 183 to 109.

Sectors painting the benchmark KSE 100 index in green included, Technology and Communication sector (162.67 pts), Fertilizer sector (100.29 pts) and Oil and Gas Exploration sector (84.08 pts). Company-wise, Systems Limited (SYS 112.85 pts), TRG Pakistan Limited (TRG 43.07 pts) and Engro Corporation Limited (ENGRO 39.76 pts), were top points contributors.

The Technology and Communication sector gained 4.62% in its cumulative market capitalization. Systems Limited (SYS 4.95%), TRG Pakistan Limited (TRG 4.64%), Pakistan Telecommunication Company Limited (PTC 1.53%), Ananceon Limited (AVN 5.20%), all closed positive.

The benchmark KSE 100 gained 31.27 pts to record intraday high of 40,354.72. It then lost momentum to record day’s low of 39,660.75 (losing 662.70 pts). The index settled lower by 602.70 pts closing at 39,720.75. The KMI 30 index lost 1,336.28 pts ending at 67,953.82. While the KSE All share closed at 26,834.08 with a loss of 383.35 pts.

Overall market volumes contracted from 173.01 mn shares in the previous session to 105.23 mn shares. Leading the volume chart with highest shares traded was Worldcall Telecom Limited (WTL +0.00%). Followed by Hascol Petroleum Limited (HASCOL -0.60%) and Lotte Chemical Pakistan Limited (LOTCHM +1.74%). The scrips had 8.96 mn shares, 7.83 mn shares and 7.59 mn shares traded, respectively.

Sectors dragging the benchmark KSE 100 index downwards included, Oil and Gas Exploration sector (132.04 pts), Technology and Communication sector (99.54 pts) and Cement sector (63.15 pts). Company-wise, TRG Pakistan Limited (TRG 59.49 pts), Pakistan Petroleum Limited (PPL 52.63 pts) and Oil and Gas Development Company Limited (OGDC 51.90 pts), were top negative contributors.

The Technology and Communication sector lost 2.76% in its cumulative market capitalization. Systems Limited (SYS 1.44%), TRG Pakistan Limited (TRG 5.56%), Pakistan Telecommunication Company Limited (PTC 2.10%) and Avanceon Limited (AVN 2.32%), all closed in red.

Values as at 04:08 PM PST