DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) scripted a historic chapter on Tuesday as the benchmark KSE 100 index soared beyond the eagerly awaited 60,000-mark. Indices remained in positive territory while investor activity witnessed an increase compared to previous session. Analysts attributed the upswing to the anticipated influx of funds from the IMF next month.

Worldwide equity markets displayed negative trend. Crude oil prices moved in the opposite direction with WTI crude oil price rising by 1.06% to $75.65. While Brent crude oil price was up by 0.99% to $80.66. (As at 3:46 PM PST, Source: Investing.com).

The benchmark KSE 100 index rallied to day’s high of 60,845.61 with an addition of 1,034.26 pts or 1.73%. It settled higher by 918.92 pts at 60,730.26. The KMI 30 index surged by 1,059.86 pts ending the session at 101,249.87. While the KSE All share index grew by 453.95 pts closing at 40,401.05.

Overall market volume ballooned from 657.00 mn shares in the last session to 778.11 mn shares. Out of the total scrips traded 43.25% belonged to KSE 100 scrips. Kohinoor Spinning Mills Limited (KOSM +0.50%) was the volume leader for the second time in a row with 79.24 mn shares exchanged. Followed by World call Telecom Limited (WTL +2.63%) and Bank of Punjab Limited (BOP +8.14%). The scrips had 57.45 mn shares and 44.32 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (+536.46 pts), Cement sector (+108.87 pts) and Power Generation and Distribution sector (+92.16 pts). Company-wise, United Bank Limited (UBL +191.44 pts), MCB Bank Limited (MCB +109.07 pts) and Habib Bank Limited (HBL +101.79 pts), were top points contributors.

The Refinery sector gained 5.42% in its cumulative market capitalization. Attock Refinery Limited (ATRL +5.16%), Cynergyico PK Limited (CNERGY +6.19%), National Refinery Limited (NRL +6.52%) and Pakistan Refinery Limited (PRL +2.04%), all closed in green.

Values as at 04:07 PM PST