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DAILY MARKET WRAP
Positive Start to the Week!
The Pakistan Stock Exchange (PSX) kicked off the week with a bang. Indices accumulated gains all day long while volumes fell from rose close. Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.74% to $73.31. While Brent crude oil price was down by 0.68% to $77.94. (As at 3:57 PM PST, Source: Investing.com).
On the economic front, as per data published by the State bank of Pakistan (SBP), remittances sent home by overseas Pakistanis fell by 21.72% YoY to US$ 2,183.71 mn in Jun’23. On MoM basis, remittances inched up by 3.85%.
Bulls pushed the benchmark KSE 100 index to day’s high of 44,601.78 (up by 394.47 pts). It settled higher by 377.81 pts at 44,585.13. The KMI 30 index surged by 312.01 pts ending at 75,904.89. While the KSE All share index gained 273.54 pts closing the session at 29,821.17.
Market volumes appreciated from 246.34 mn shares in the previous session to 438.36 rising by 77.95%. Worldcall Telecom Limited (WTL +0.80%), Unity Foods Limited (UNITY +5.34%) and TPL Properties Limited (TPLP +3.39%) dominated the volume chart. The scrips had 28.19 mn shares, 20.44 mn shares and 18.63 mn shares exchanged, respectively.
Sectors lifting the benchmark KSE 100 index higher included, banking sector (135.31 pts), Food and Personal Care Products sector (35.75 pts) and Refinery sector (30.91 pts). Company-wise, MCB Bank Limited (MCB 33.25 pts), United Bank Limited (UBL 28.89 pts) and Habib Metropolitan Bank Limited (HMB 28.53 pts) were top points contributors.
The Oil and Gas Marketing sector gained 1.73% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 1.81%), Attock Petroleum Limited (APL 0.39%), Sui Northern Gas Pipelines Limited (SNGP 3.32%) and Shell Pakistan Limited (SHEL 0.31%) all ended in green.
Values as at 04:07 PM PST