KARACHI: The Pakistan Stock Exchange (PSX) endured a volatile session on Wednesday, with the indices swinging both ways in search of a clear direction before landing in the green.
Equity markets around the world also turned their losses into gains, whereas crude oil prices inched up from the previous close; WTI crude price appreciating 0.17pc to $47.10 while Brent crude price rising 0.16pc to $50.16 (as at 3:22pm PST).
“After shedding around 1,000 points in the last three session, the stock market moved cautiously on Wednesday, taking cue from stability in international crude oil prices as well as renewed buying activity in the cement sector,” a report issued by Arif Habib Ltd read. “Besides cement, investors opted for banks (HBL), oil & gas marketing (PSO), exploration & production (OGDC & PPL) and engineering/steel (ISL, INIL) sectors, thus helping the index stage a recovery.”
MARKET SUMMARY
The benchmark KSE-100 Index moved in a narrow range today, registering its intraday low at 42,852.79 (-54.15 points) and high at 43,216.16 (+309.22 points). It finally settled higher by 180.76 points at 43,087.70.
Among other indices, the KMI-30 Index accumulated 427.49 points to end at 70,123.24, while the KSE All Share Index added 49.41 points, closing at 30,248.67.
The overall market volumes contracted from 561.85 million shares in the previous session to 378.31 million shares (-33pc). Average traded value also declined by 22pc, from $140.9 million to $110.5 million. Pakistan Refinery Ltd (PRL +5.94pc), Maple Leaf Cement Factory Ltd (MLCF +4.82pc) and TRG Pakistan Ltd (TRG +2.31pc) led the volume chart, exchanging 26.93 million, 17.67 shares and 16.22 million shares, respectively.
Sectors that kept the benchmark index afloat included cement (+79.50 points), banking (+21.32 points) and automobile assembling (+19.09 points). Among the companies, Maple Leaf Cement Factory Ltd (MLCF +20.70 points), Habib Bank Ltd (HBL +19.55 points) and Lucky Cement Ltd (LUCK +17.90 points) remained the top contributors.
Adding 1.37pc to its cumulative market capitalization, the cement sector ended as the session’s top performer, with LUCK (+0.92pc), DG Khan Cement Company Ltd (DGKC +1.62pc) and Fauji Cement Company Ltd (FCCL +1.40pc) posting decent gains.
Meanwhile, in a notification to the exchange, the Oil and Gas Development Company Ltd (OGDC +0.42pc) informed that it has discovered gas and condensate from its exploratory well ‘Siab-1’ in District Kohat through a joint venture of Baratai Block comprising OGDC and Khyber Pakhtunkhwa Oil & Gas Company Limited.
