DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) showed no signs of slowing down and persisted with their upward momentum on Monday. Indices accumulated gains all day long while volumes inched up from previous session. Analysts attributed the positive trend to the ongoing IMF review.

Global equity markets also showed a positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.25% to $77.36. While Brent crude oil price was up by 0.22% to $81.61. (As at 3:52 PM PST, Source: Investing.com).

The benchmark KSE 100 index soared to day’s high of 56,583.59 with an impressive surge of 1,192.22 pts or 2.15%. It settled higher by 1,132.21 pts at 56,523.58 just 476 pts away from the 57,000-mark. The KMI 30 index rose with an addition of 1,889.63 pts ending at 96,345.97. While the KSE All share index appreciated by 594.98 pts closing the session at 37,389.76.

Total market volume went up from 639.91 mn shares in the previous session to 656.05 mn shares. Worldcall Telecom Limited (WTL +3.01%) recorded highest volumes with 100.67 mn shares exchanged. Followed by Cynergyico PK Limited (CNERGY -1.67%) and Hum Network Limited (HUMNL +0.28%). The scrips had 60.65 mn shares and 32.28 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Power Generation and Distribution sector (+207.07 pts), Fertilizer sector (+191.58 pts) and Banking sector (+183.98 pts). Company-wise, The Hub Power Company Limited (HUBC +194.45 pts), Engro Fertilizers Limited (EFERT 101.33 pts) and Millat Tractors Limited (MTL +95.44 pts), were top points contributors.

The Fertilizer sector gained 2.84% in its cumulative market capitalization. Engro Corporation Limited (ENGRO +1.33%), Fauji Fertilizer Company Limited (FFC +2.87%), Engro Fertilizers Limited (EFERT +5.43%) and Fatima Fertilizer Company Limited (FATIMA +2.16%), all closed positive.

Values as at 04:12 PM PST