DAILY MARKET WRAP

Upward trend persisted at the Pakistan Stock Exchange (PSX) during first session following the Eid holidays. Initially trading in red, indices gained momentum as the session progressed, ultimately closing in green. Analysts attributed the positive movement to news regarding Saudi investments, which boosted investors’ confidence.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.75% to $85.02. While Brent crude oil price was down by 0.63% to $89.88. (As at 3:54 PM PST, Source: Investing.com).

The benchmark KSE 100 index oscillated between intraday low of 69,914.11 (losing 400.61 pts) and intraday high of 70,608.88 (gaining 294.17 pts). The index settled higher by 229.86 pts at 70,544.58. The KMI 30 index grew by 581.27 pts ending the session at 118,563.24. While the KSE All share index concluded the day at 46,350.04 with an addition of 308.06 pts.

Investor participation surged from 389.32 mn shares in the previous session to 555.10 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL +6.11%), Fauji Cement Company Limited (FCCL +5.76%) and Fauji Foods Limited (FFL +5.02%). The scrips had 88.62 mn shares, 33.10 mn shares and 30.02 mn shares exchanged, respectively.

Sector-wise, top contributors to the benchmark KSE 100 index were, Oil and Gas Exploration sector (+130.85 pts), Power Generation and Distribution sector (+127.63 pts) and Cement sector (+56.51 pts). Companies that added gains to the index included, The Hub Power Company Limited (HUBC +107.41 pts), Oil and Gas Development Company Limited (OGDC +97.98 pts) and United Bank Limited (UBL +67.81 pts).

The Refinery sector gained 1.74% in its cumulative market capitalization. Attock Refinery Limited (ATRL +1.31%), Cynergyico PK Limited (CNERGY +1.07%), National Refinery Limited (NRL +2.71%) and Pakistan Refinery Limited (PRL +1.42%), all closed in green.

Values as at 04:13 PM