DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) surged to unprecedented heights on the first trading session of the week. Market indices soared immediately after the opening bell, signaling a bullish trend, although trading volume experienced a slight decrease compared to previous session. Analysts attributed the upward trend to positivity surrounding the IMF mission’s visit this week, coupled with optimism regarding a potential decrease in inflation rates.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.52% to $78.67. While Brent crude oil was up by 0.42% to $83.14. (As at 3:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index soared past the 74,000-mark reaching day’s high of 74,114.23 with an addition of 1,028.73 pts or 1.41%. It closed the session higher by 713.61 pts at 73,799.11. The KMI 30 index jumped by 783.26 pts closing the day at 122,230.75. While the KSE All share index surged by 388.34 pts closing the day at 47,934.88.

Investor activity went down from 740.96 mn shares in the previous session to 721.35 mn shares. Highest participation was witnessed in Cynergyico PK Limited (CNERGY +8.47%), Worldcall Telecom Limited (WTL -4.52%) and Hum Network Limited (HUMNL +1.24%). The scrips had 64.22 mn shares, 51.64 mn shares and 29.03 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Oil and Gas Exploration sector (+230.82 pts), Banking sector (+130.74 pts) and Investment Banking sector (+55.51 pts). Company-wise, Pakistan Oilfields Limited (POL +142.20 pts), Dawood Hercules Corporation Limited (DAWH +51.68 pts) and Engro Corporation Limited (ENGRO +43.04 pts), were top points contributors.

The Refinery sector gained 2.54% in its cumulative market capitalization. Attock Refinery Limited (ATRL +1.09%), Cynergyico PK Limited (CNERGY +8.47%), National Refinery Limited (NRL +0.19%) and Pakistan Refinery Limited (PRL +0.22%), all closed in green.

Values as at 04:13 PM