The Pakistan Stock Exchange (PSX) crossed the 48,000 mark again on Wednesday as bulls took control of the market with traders staking their cash on the situation to improve once the coalition government officially bows out of power in a few days.
Falling by 167.45 points, the benchmark KSE 100 index crept to the day’s low of 47,262.38. It then gained momentum climbing to the day’s high of 48,334.54 rising by 904.71 points.
The index settled higher by 797.77 points at 48,227.60. The KMI 30 index surged by 1,786.10 points ending at 81,354.19. While the KSE All share index grew by 400.61 points closing at 31,953.32.
Overall market volume fell from 335.21 million shares in the previous session to 311.31 million shares. Oil and Gas Development Company Limited (OGDC +7.50 percent), Pakistan Petroleum Limited (PPL +7.50 percent), and JS Bank Limited (JSBL -0.73 percent), witnessed highest market volumes. The scrips had 37.74 million shares, 22.76 million shares, and 21.56 million shares exchanged, respectively.
According to Capital Stake, sectors adding gains to the benchmark KSE 100 index included the Banking sector (175.53 points), Oil and Gas Exploration sector (169.02 points), and Power Generation and Distribution sector (131.95 points). Companies that drove the index north consisted of, Oil and Gas Development Company Limited (OGDC 118.45 points), The Hub Power Company Limited (HUBC 115.60 points), and Pakistan Petroleum Limited (PPL 87.38 points).
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| OGDC | 105.19 | 105.19 | 96.0 | 6.5 | 37,776,498 |
| PPL | 74.95 | 74.95 | 69.03 | 4.12 | 22,796,703 |
| JSBL | 5.45 | 5.6 | 5.13 | -0.14 | 21,564,500 |
| CNERGY | 3.62 | 3.63 | 3.4 | 0.13 | 20,157,425 |
| MLCF | 32.2 | 32.2 | 30.51 | 1.12 | 13,267,888 |
| TELE | 7.99 | 8.23 | 7.75 | 0.17 | 12,434,248 |
| PRL | 17.2 | 17.21 | 16.59 | 0.31 | 12,409,710 |
The Power Generation and Distribution sector rose by 5.39 percent in its cumulative market capitalization. The Hub Power Company Limited HUBC 5.73 percent), K-Electric Limited (KEL 2.86 percent), Kot Addu Power Company Limited (KAPCO 4.30 percent), and Pakgen Power Limited (PKGP 7.50 percent), all closed positive.
Equity markets around the world showed a negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.68 percent to $83.48. While Brent crude oil price was up by 0.94 percent to $86.98. (As of 3:50 PM Pakistan Time).
