DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) managed to recover losses made in previous session despite political pressure reaching its peak. Indices accumulated gains all day long while volumes shrank from last close.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.50% to $72.92. While Brent crude oil was up by 0.52% to $76.81. (As at 3:58 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 8.7100/US$ (3.00%) against the US Dollar on DoD basis reaching an all-time low of PKR 298.9318/US$.

The benchmark KSE 100 continued to gain momentum throughout the session recording intraday high of 41,498.77 (up by 423.82 pts). It settled higher by 250.68 pts at 41,325.63. The KMI 30 index appreciated by 502.25 pts ending at 70,884.37. While the KSE All share index surged by 117.83 pts settling at 27,303.45.

Overall market volumes contracted from 99.13 mn shares in the previous session to 96.73 mn shares. Leading the volume chart with 17.19 mn shares traded was Worldcall Telecom Limited (WTL +0.00%). Followed by Pakistan International Airlines Limited (PIAA +5.26%) and Quice Food Industries Limited (QUICE +3.03%). The srips had 4.77 mn shares and 4.27 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Cement sector (66.10 pts), Oil and Gas Exploration sector (48.30 pts) and Banking sector (40.83 pts). Company-wise, Lucky Cement Limited (LUCK 44.17 pts), Habib Bank Limited (HBL 27.62 pts) and Pakistan Oilfields limited (POL 24.45 pts), contributed positively to the index.

The Cement sector clenched 1.96% in its cumulative market capitalization. Lucky Cement Limited (LUCK 2.96%), Fauji Cement Company Limited (FCCL 1.17%), Maple Leaf Cement Factory Limited (MLCF 0.39%) and Kohat Cement Company Limited (KOHC 1.38%), all closed in green.

Values as at 04:12 PM PST