DAILY MARKET WRAP

Extending gains from previous session, The Pakistan Stock Exchange (PSX) ended the day on Tuesday in green. After a slight dip, indices accumulated gains all day long while volume went up compared to previous session. As per analysts, stocks surged on news of World Bank's project funding approval and the forthcoming release of $1.1 bn under the $3 bn Stand-By Arrangement next month.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.04% to $81.92. While Brent crude oil price was down by 0.08% to $86.01. (As at 1:56 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 32.94 pts recording intraday low of 65,492.71. It then continued to gain momentum reaching day’s high of 65,989.54 (up by 463.89 pts). The index settled higher by 380.63 pts at 65,906.28. The KMI 30 index appreciated by 615.86 pts closing the session at 110,660.73. While the KSE All share index grew by 251.29 pts to close the day at 43,684.31.

Investor activity also increased from 261.02 mn shares in the previous session to 303.64 mn shares. Total traded value for the day clocked in at Rs. 12.08 bn. Highest participation was witnessed in Pakistan International Airlines (PIAA +7.49%), Pakistan Telecommunication Company Limited (PTC +2.55%) and National Bank of Pakistan (NBP +3.05%). The scrips had 30.23 mn shares, 28.15 mn shares and 21.03 mn shares traded respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (+135.11 pts), Fertilizer sector (+128.41 pts) and Cement sector (+78.81 pts). Companies driving the index north included, Fauji Fertilizer Company Limited (FFC +114.99 pts), Meezan Bank Limited (MEBL +101.16 pts) and United Bank Limited (UBL +37.33 pts).

The Fertilizer sector gained 1.43% in its cumulative market capitalization. Engro Corporation Limited (ENGRO +0.76%), Fauji Fertilizer Bin Qasim Limited (FFBL +0.86%), Fauji Fertilizer Company Limited (FFC +4.31%) and Fatima Fertilizer Company Limited (FATIMA +1.69%), all closed in green.

Values as at 02:14 PM