DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) led the market on Tuesday. Indices accumulated gains all day long, while volumes declined from the last close. Equity markets around the globe showed positive trend. Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price rising by 0.50% to $75.16. While Brent crude oil price was up by 0.48% to $78.83. (As at 4:08 PM PST, Source: Investing.com).

On the economic front, the government of Pakistan has decided to keep petrol prices unchanged at Rs.282.00 for first 15 days of May. Base price declined by Rs.1.74 to Rs.215.00 (76% of total cost). Retailer and freight cost went up by Rs.1.74 to Rs.17.00. Petroleum levy was unchanged at Rs.50. While sales tax remained zero.

Accumulating 409.30 pts, the benchmark KSE 100 index recorded intraday high of 41,990.15. It settled higher by 346.79 pts at 41,927.64. The KMI 30 index surged by 348.24 pts closing at 72,702.61. While the KSE All share index jumped up by 217.34 pts to settle at 27,645.78.

Overall market volumes shrunk from 268.00 mn shares in the previous session to 219.67 mn shares. Whereas total traded value contracted from Rs.8.98 bn on Friday to Rs.6.49 bn. Highest participation was witnessed in Fauji Food Limited (FFL +6.82%) with 22.60 mn shares traded. Followed by Silkbank Limited (SILK +8.04%), Maple Leaf Cement Factory Limited (MLCF +2.56%). The scrips had 15.57 mn shares and 8.69 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (207.16 pts), Cement sector (130.92 pts) and Fertilizer sector (49.51 pts). Company-wise Habib Bank Limited (HBL 109.92 pts), Lucky Cement Limited (LUCK 91.06 pts), United Bank Limited (UBL 77.58 pts), were top points contributors.

The Cement sector gained 4.39% in its cumulative market capitalization. Lucky Cement Limited (LUCK 7.50%), Maple Leaf Cement Factory Limited (MLCF 2.56%), Kohat Cement Company Limited (KOHC 3.53%) and Cherat Cement Company Limited (CHCC 1.05%), all closed positive.

Values as at 04:12 PM PST