DAILY MARKET WRAP

Optimism prevailed at the Pakistan Stock Exchange (PSX) following a challenging week. Market indices fluctuated before ultimately ending on a positive note, albeit with lower trading volumes compared to previous session. Analysts attributed the upward trend to improved clarity on the political landscape.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.84% to $77.80. While Brent crude oil price was down by 0.83% to $82.78. (As at 3:54 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially lost 681.11 pts recording day’s low of 59,191.86. Bulls then took over propelling the index to day’s high of 60,504.48 with an addition of 631.52 pts. The index settled higher by 586.79 pts at 60,459.75. The KMI 30 index appreciated by 1,919.18 pts ending at 100,424.88. While the KSE All share index grew by 406.15 pts closing at 40,792.93.

Investor participation shrank from 314.14 mn shares in the last session to 261.48 mn shares. Top contributors to the volume chart were, Pakistan International Airlines Limited (PIAA +8.75%), Worldcall Telecom Limited (WTL +1.65%) and Pakistan Refinery Limited (PRL +4.71%). The scrips had 21.41 mn shares, 20.03 mn shares and 15.16 mn shares traded, respectively.

Sectors adding gains to the benchmark KSE 100 index included Oil and Gas Exploration sector (+267.91 pts), Power Generation and Distribution sector (+86.13 pts) and Cement sector (+58.07 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +149.48 pts), Pakistan Petroleum Limited (PPL +128.51 pts) and The Hub Power Company Limited (HUBC +75.93 pts), were top points contributors.

The Cement sector gained 1.24% in its cumulative market capitalization. Lucky Cement Limited (LUCK +1.02%), Maple Leaf Cement Factory Limited (MLCF +0.50%), Kohat Cement Company Limited (KOHC +2.85%) and Fauji Cement Company Limited (FCCL +0.47%), all closed in green.

Values as at 04:14 PM