DAILY MARKET WRAP

Recovering losses from previous session, bulls of the Pakistan Stock Exchange (PSX) bounced back stronger than ever. After an initial dip, indices traded in green all day long, while volumes contracted further compared to previous session.

Equity markets around the world displayed mixed trend. Crude oil prices continued to move south with WTI crude oil price falling by 0.62% to $76.89. While Brent crude oil price was down by 0.51% to $81.19. (As at 3:56 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index slipped to day’s low of 53,720.46 losing 15.27 pts. Gaining momentum, it then reached day’s high 54,419.65 gaining 683.92 pts. The index settled higher by 525.70 pts at 54,261.43. The KMI 30 index appreciated by 951.54 pts ending the session at 92,301.31. While the KSE All share index grew by 335.30 pts ending at 36,146.66.

Market volume depreciated from 505.34 mn shares in the previous session to 481.67 mn shares. Pakistan Refinery Limited (PRL +4.66%), Cynergyico PK Limited (CNERGY +3.86%), and Hum Network Limited (HUMNL +6.67%) recorded highest trading volumes. The scrips had 40.30 mn shares, 38.45 mn shares and 31.18 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (+173.33 pts), Fertilizer sector (+69.07 pts) and Power Generation and Distribution sector (+67.06 pts). Companies adding gains to the index included, The Hub Power Company Limited (HUBC +48.02 pts), Habib Bank Limited (HBL +44.18 pts) and Engro Corporation Limited (ENGRO +41.61 pts).

The Refinery sector gained 3.13% in its cumulative market capitalization. Attock Refinery Limited (ATRL +2.69%), Cynergyico PK Limited (CNERGY +3.86%), National Refinery Limited (NRL +3.18%), Pakistan Refinery Limited (PRL 4.66%).

Values as at 04:11 PM PST