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DAILY MARKET WRAP
Bulls Take Charge of PSX!
Bulls regained control of the Pakistan Stock Exchange (PSX) on Thursday. Indices zig-zagged in both directions until finally closing in green while volumes grew form last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.55% to $85.55. While Brent crude oil price was up by 0.44% to $75.55. (As at 3:54 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani rupee gained PKR 0.0151 (0.01%) against the US dollar on DoD basis ending the session at PKR 294.9164/US$.
The benchmark KSE 100 index initially lost 252.72 pts falling below the 48,000-mark recording intraday low of 47,893.71. It then recovered losses stretching to day’s high of 48,397.38 with an addition of 250.94 pts. The index settled higher by 179.40 pts at 48,325.84. The KMI 30 index gained 328.12 pts closing at 81,280.08. While the KSE All share index gathered 99.44 pts ending at 32,009.10.
Total traded volume appreciated from 194.26 mn shares in the previous session to 226.76 mn shares. Highest participation was witnessed in Dewan Farooq Motors Limited (DFML -6.01%) with 25.16 mn shares traded. Followed by JS Bank Limited (JSBL +0.36%) and Pakistan Refinery Limited (PRL +3.34%). The scrips had 14.38 mn shares and 12.57 mn shares traded, respectively.
Sectors adding gains to the benchmark KSE 100 index included, Technology and Communication sector (79.68 pts), Oil and Gas Exploration sector (79.16 pts) and Refinery sector (27.76 pts). Companies that drove the index north included, Systems Limited (SYS 79.05 pts), Pakistan Oilfields Limited (POL 28.82 pts) and Pakistan Petroleum Limited (PPL 25.25 pts).
The Oil and Gas Exploration sector surged by 1.31% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 1.50%), Mari Petroleum Company Limited (MARI 0.28%), Pakistan Petroleum Limited (PPL 1.96%) and Pakistan Oilfields Limited (POL 1.62%), all closed in green.
Values as at 04:12 PM PST