DAILY MARKET WRAP

Bulls gained control of the Pakistan Stock Exchange (PSX) on Monday. Indices accumulated gains all day long while volumes surged from previous close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.15% to $73.14. While Brent crude oil price was up by 1.80% to $77.50 (As at 3:51 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), exports contracted by 16.69% YoY, while imports fell by 36.76% in the same period. As a result, trade deficit declined by 49.49% to US$ 2.089 mn.

Accumulating 328.69 pts, the benchmark KSE 100 index recorded intraday high of 41,681.68. It settled higher by 314.95 pts at 41,667.94. The KMI 30 index gained 815.48 pts closing at 71,939.79. While the KSE All share index climbed up by 237.93 pts ending at 27,937.46.

Overall market volumes appreciated from 99.50 mn shares in the previous session to 143.12 mn shares. Total traded value increased from Rs.3.34 bn on Friday to Rs.4.66 bn. Toppers of the volume chart were, Worldcall Telecom Limited (WTL -1.71%), Sui Northern Gas Pipeline Limited (SNGP +6.24%) and Pak Petroleum Limited (PPL +6.27%). The scrips had 16.78 mn shares, 9.75 mn shares and 9.28 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Oil and Gas Exploration sector (174.98 pts), Oil and Gas Marketing sector (77.47 pts) and Power Generation and Distribution sector (30.17 pts). Company-wise, Pakistan Petroleum Limited (PPL 65.68 pts), Oil and Gas Development Company Limited (OGDC 56.22 pts) and Pakistan State Oil Company Limited (PSO 43.98 pts), were top points contributors.

The Oil and Gas Exploration sector went up by 3.39% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 4.21%), Mari Petroleum Company Limited (MARI 1.94%), Pakistan Petroleum Limited (PPL 6.27%) and Pakistan Oilfields Limited (POL 1.70%), all closed in green.

Values as at 04:11 PM PST