DAILY MARKET WRAP

October 15, 2024

Bulls Regain Control of PSX!

The Pakistan Stock Exchange (PSX) witnessed a robust rebound on Tuesday, with market indices maintaining positive momentum throughout the trading session. Investor confidence surged, reflected in the consistent upward trend from the session’s outset. Trading volumes contracted compared to the previous close.

Worldwide equity markets exhibited mixed trends. Crude oil prices moved south with WTI crude oil price falling by 5.08% to $70.08. While Brent crude oil price was down by 4.76% to $73.77. (As at 3:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially lost 405.17 pts falling below the 85,000 marks recording an intraday low of 84,856.21. It then recovered losses stretching to the day’s high of 85,893.99 with an addition of 632.61 pts. The index settled higher by 578.96 pts at 85,840.34. The KMI 30 index gained 1,230.23 pts closing at 129,360.32. While the KSE All share index gathered 366.33 pts ending at 54,941.67.

Investor participation narrowed, with trading volumes shifting from 477.37 mn shares in the previous session to 421.98 mn shares. Leading the volume chart were Pakistan Telecommunication Company Limited (PTC +2.34%), The Hub Power Company Limited (HUBC +0.53%) and Kohinoor Spinning Mills Limited (KOSM +10.64%). These scrips recorded trades of 37.87 mn, 33.28 mn, and 22.46 mn shares, respectively.

The KSE-100 index gained momentum, driven by strong performances from key sectors. The Oil and Gas Exploration sector added 264.47 pts, followed by the Fertilizer sector with 135.30 pts and the Banking sector contributing 112.17 pts. Among individual companies, Mari Petroleum Company Limited (MARI) boosted the index by 153.91 pts, while Engro Fertilizers Limited (EFERT) and Oil and Gas Development Company Limited (OGDC) added 110.81 pts and 68.19 pts, respectively.

The Fertilizer sector gained 0.88% in its cumulative market capitalization. Fauji Fertilizer Company Limited (FFC +0.80%), Engro Fertilizer’s Limited (EFERT +3.00%) and Fauji Fertilizer Bin Qasim Limited (FFC +1.09%), all closed in green.

Values as at 04:15