DAILY MARKET WRAP

Bulls dominated the Pakistan Stock Exchange (PSX) on Monday, with indices trading in the green zone throughout the day and trading volumes rising compared to previous session. Analysts attribute this surge to investor optimism following the news of securing a loan deal with the IMF.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.07% to $80.96. While Brent crude oil price was down by 0.04% at $85.00. (as at 3:50 PM PST, Source: Invetsing.com).

Gaining 1,484.34 pts, the benchmark KSE 100 index jumped to day’s high of 81,428.43. It closed the day higher by 1,211.51 pts at 81,155.61. The KMI 30 index appreciated by 1,856.38 pts to end the day at 129,001.87. While the KSE All share index appreciated by 467.56 pts to end the session at 51,473.91.

Investor activity went up from 432.01 mn shares the in the last session to 439.85 mn shares. Top contributors in terms of volume traded were, PIA Holding Company Limited (PIAHCLA -7.45%), Pak Elektron Limited (PAEL +6.92%) and Worldcall Telecom Limited (WTL +0.83%). The scrips had 35.76 mn shares, 25.84 mn shares and 24.92 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Banking sector (+295.56 pts), Fertilizer sector (+203.93 pts) and Oil and Gas Exploration sector (+193.68 pts). Company-wise, Systems Limited (SYS +128.69 pts) and MCB Bank Limited (MCB +118.31 pts) and Fauji Fertilizer Company Limited (FFC +102.91 pts), were top points contributors.

The Cement sector gained 1.99% in its cumulative market capitalization. Bestway Cement Limited (BWCL +3.75%), Fauji Cement Company Limited (FCCL +1.80%), Pioneer Cement Limited (PIOC +2.62%) and Maple Leaf Cement Factory Limited (MLCF +0.47%), all closed in green.

Values as at 04:15 PM