- Pulse by Capital Stake
- Posts
- DAILY MARKET WRAP
DAILY MARKET WRAP
Stocks Stage Recovery!
The Pakistan Stock Exchange (PSX) staged a stunning recovery on Monday. Indices accumulated gains all day long while market volumes jumped from last close. As per analysts, encouraging news related to the resumption of the International Monetary Fund (IMF) programme, in addition to the import restrictions finally been lifted after several months, provided investors a sense of optimism.
Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.85% to $69.75. While Brent crude oil price was up by 0.85% to $74.64. (As at 5:05 PM PST, Source; investing.com).
The benchmark KSE 100 index gathered 1,426.56 pts, climbing to day’s high of 41,491.88. It settled higher by 1,371.78 pts at 41,437.10. The KMI 30 index accumulated 2,382.20 pts closing at 71,277.66. While the KSE All share index closed at 27,965.97 with an addition of 763.67 pts.
Total traded volume appreciated from 136.27 mn shares in the previous session to 221.30 mn shares. Leaders of the volume chart were Worldcall Telecom Limited (WTL +4.63%), Fauji Fertilizer Company Limited (FFBL +4.48%), Sui Northern Gas Pipelines (SNGP -6.54%). The scrips had 26.22 mn shares, 13.14 mn shares and 12.47 mn shares traded, respectively.
Sectors painting the benchmark KSE 100 index in green consisted of, Banking sector (324.32 pts), Fertilizer sector (194.71 pts) and Power Generation and Distribution sector (152.75 pts). Company-wise, the Hub Power Company Limited (HUBC 137.58 pts), United Bank Limited (UBL 104.09 pts) and Engro Corporation Limited (ENGRO 73.80 pts), contributed positively to the index.
The Refinery sector clenched 4.33% in its cumulative market capitalization. Attock Refinery Limited (ATRL 4.66%), Cynergyico PK Limited (CNERGY 4.30%), National Refinery Limited (NRL 4.47%) and Pakistan Refinery Limited (PRL 4.03%), all closed in green.
Values as at 05:04 PM PST