DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) continued to drive the market north on Tuesday. The benchmark KSE 100 index breached the 52,000-point barrier, marking a fresh 52-week high. Indices accumulated gains from the word go while volumes appreciated from previous close. As per analysts, investors viewed the government's call to raise gas tariffs as a catalyst to amplify the energy sector's profitability, which increased their confidence in the market.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil prices rising by 0.84% to $83.00. While Brent crude oil price was up by 0.80%To $87.04. (As at 3:59 PM PST, Source: Investing.com).

Accumulating 605.78 pts benchmark KSE 100 index jumped to day’s high of 52,088.71. It settled higher by 437.35 pts at 51,920.27, less than a 100 pts away from the 52,000-mark. The KMI 30 index surged by 789.26 pts ending at 88,224.74. The KSE All share index grew by 293.01 pts settling at 34,558.22.

Investor activity witnessed an increase from 286.54 mn shares in the preceding session 453.35 mn shares. Cynergyico PK Limited (CNERGY +14.16%), Pakistan Refinery Limited (PRL +7.51%) and Worldcall Telecom Limited (WTL -0.78%), witnessed highest volumes. The scrips had 71.24 mn shares, 51.54 mn shares and 22.60 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (+168.91 pts), Fertilizer sector (+89.54 pts) and Power Generation and Distribution sector (+81.63 pts). Company-wise, Engro Corporation Limited (ENGRO +71.19 pts), The Hub Power Company Limited (HUBC 67.44 pts) and United Bank Limited (UBL +65.55 pts), were top points contributors.

The Refinery sector witnessed an impressive surge of 8.94% in its overall market capitalization. Attock Refinery Limited (ATRL +7.23%), Cynergyico PK Limited (CNERGY +14.16%), National Refinery Limited (NRL +7.50%) and Pakistan Refinery Limited (PRL +7.51%).

Values as at 04:14 PM PST