DAILY MARKET WRAP

Stocks continued to rally on Monday with the benchmark KSE 100 index inching closer towards the 50,000 mark. Despite minor fluctuations in the early trading hours, the market regained strength and closed in positive territory. Investor participation reduced compared to prior session.

On the economic front, the Government of Pakistan decided to reduce petrol price by Rs 40 from Rs 323.38 to Rs 283.38. Base price fell by Rs40.76 to Rs202.33 (71% of total cost). Retailer and freight cost increased by Rs0.76 to Rs 21.05. Petroleum levy remained constant at Rs 60. While sales tax remained zero.

Depleting by 175.88 pts, the benchmark KSE 100 index touched day’s low of 49,317.59. It then reached day’s high 49,919.03 gaining 425.56 pts, narrowly missing the 50,000 mark by less than a 100 pts. The index settled higher by 237.88 pts at 49,731.35. The KMI 30 index grew by 88.28 pts ending the session at 84,045.10. While the KSE All share index was up by 169.62 pts closing at 33,219.03.

Overall market volume on the other hand, decreased from 555.94 mn shares in the last session to 467.15 mn shares. K-Electric Limited (KEL +0.64%), Pakistan Telecommunication Company Limited (PTC -2.39%) and Pakistan International Bulk Terminal Limited (PIBTL +10.07%) were volume leaders of the session. The scrips had 98.17 mn shares, 22.60 mn shares and 22.07 mn shares exchanged, respectively.

Sectors contributing positively to the benchmark KSE 100 index included Technology and Communication sector (+80.72 pts), Engineering sector (+43.33 pts) and Miscellaneous sector (+26.85 pts). Company-wise, TRG Pakistan Limited (TRG +68.69 pts), Pakistan Services Limited (PSEL +23.76 pts) and Thall Limited (THAL +21.66 pts), led the index north.

The Oil and Gas Marketing sector gained +0.99% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +1.73%), Attock Petroleum Limited (APL +0.77%), Shell Pakistan Limited (SHEL +1.15%), all closed positive.

Values as at 04:14 PM PST