KARACHI: The Pakistan Stock Exchange (PSX) endured a volatile session on Wednesday, with the benchmark index failing to sustain gains despite a 52pc surge in volumes.
Global equity markets displayed a mixed trend, whereas crude oil prices continued with its northward journey; WTI crude price rising 0.53pc to $58.68 while Brent crude price increasing 0.47pc to $61.51 (as at 3:47pm PST).
“The market achieved another milestone today by recording a trading volume of over 1 billion shares in the regular market (highest in 16 years, and 5th highest overall), whereby Worldcall contributed the most with 369 million shares. However, other stocks maintained the average trading volume of 600 million shares,” a report issued by Arif Habib Ltd read. “Profit booking continued unabated today, particularly in E&P sector, which regressed despite stable international crude oil prices. Cement sector performed on the back of better results announced by CHCC, with investors expecting similar results from other companies.”
MATKET SUMMARY
Reminiscent of the previous session, the benchmark KSE-100 Index swayed both ways on Wednesday, registering its intraday high at 46,845.44 (+170.67 points) and low at 46,341.76 (-333.01 points). It finally settled lower by 30.48 points at 46,644.29.
Among other indices, the KMI-30 Index gained 158.68 points to end at 76,284.82, whereas the KSE All Share Index lost 51.32 points, closing at 32,115.37.
The overall market volumes jumped from 663.96 million shares in the previous session to 1.01 billion shares (+52pc). Average traded value, however, declined by 4pc, from $178.1 million to $171.3 million. Worldcall Telecom (WTL +38.89pc), K-Electric Ltd (KEL +2.02pc) and Telecard Ltd (TELE +16.98pc) led the volume chart, exchanging 369.80 million, 106.88 shares and 41.70 million shares, respectively.
Sectors that dragged the benchmark index lower included oil & gas exploration (-62.49 points), banking (-38.70 points) and technology & communication (-23.19 points). Among the companies, Oil and Gas Development Company Ltd (OGDC -22.90 points), Mari Petroleum Company Ltd (MARI -15.61 points) and Systems Ltd (SYS -14.57 points) dented the index the most.
Shedding 1.78pc from its cumulative market capitalization, the oil & gas exploration sector ended as the session’s worst performer, with Mari Petroleum Company Ltd (MARI -2.20pc), Oil and Gas Development Company Ltd (OGDC -1.98pc), Pakistan Oilfields Ltd (POL 1.23pc) and Pak Petroleum Ltd (PPL 1.29pc) closing in the negative.
On the financial side, MCB Bank Ltd (MCB -0.01pc) posted earnings per share (EPS) of Rs 24.50 in FY20 as against Rs20.23 last year; whereas Cherat Cement Company Ltd (CHCC +5.95pc) declared an EPS of Rs4.22 for the second quarter of FY20 as against Rs1.14 in 2QFY20.
