DAILY MARKET WRAP (1) (1)

Positive sentiments continued to dominate the Pakistan Stock Exchange (PSX) on first trading session of the week. Right from the opening bell, indices exhibited an upward trend while volumes surged compared to previous session. As per analysts, an expected decrease in the policy rate coupled with the increase in foreign exchange reserves boosted investors’ confidence.

Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.76% to $73.51. While Brent crude oil price was down by 0.75% to $78.29. (As at 3:54 PM PST, Source: Investing.com).

The benchmark KSE 100 index hovered near the 63,000-mark intraday as it jumped to day’s high of 62,912.61 (up by 1,221.36 pts). It settled higher by 801.80 pts at 62,493.05. The KMI 30 index appreciated by 1,862.74 pts ending the session at 106,093.71. While the KSE All share index grew by 557.30 pts ending the session at 41,602.68.

Overall market volume appreciated from 528.63 mn shares in the last session to 733.13 mn shares. Worldcall Telecom Limited (WTL +1.95%) led the volume chart with 57.06 mn shares traded. Followed by Fauji Cement Company Limited (FCCL +6.42%) and Oil and Gas Development Company Limited (OGDC +4.55%). The scrips had 41.96 mn shares and 23.81 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included Oil and Gas Exploration sector (+273.46 pts), Automobile Assembler sector (+81.29 pts) and Oil and Gas Marketing sector (+64.18 pts). Company-wise, Pakistan Petroleum Limited (PPL +107.77 pts), Oil and Gas Development Company Limited (OGDC +98.23 pts) and Millat Tractors Limited (MTL +68.59 pts), were top points contributors.

The Refinery sector gained 2.59% in its cumulative market capitalization. Attock Refinery Limited (ATRL +1.40%), Cyergyico PK Limited (CNERGY +1.32%), National Refinery Limited (NRL +6.94%) and Pakistan Refinery Limited (PRL +1.50%) all closed in green.

Values as at 04:12 PM PST