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DAILY MARKET WRAP
Upward Trend Continues at PSX!
The Pakistan Stock Exchange (PSX) witnessed a showdown between bulls and bears, with the bulls emerging as victors. Indices swung high and low before closing in green while investor participation reduced compared to previous session.
Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.92% to $84.26. While Brent crude oil price was up by 1.12% to $86.78. (As at 3:59 PM PST, Source: Investing.com).
During the day, the benchmark KSE 100 index oscillated between intraday low of 48,359.38 (losing 115.16 pts) and intraday high of 48,830.26 (gaining 355.72 pts). The index settled higher by 297.17 pts at 48,771.71. The KMI 30 index grew by 670.15 pts ending at 82,601.18. While the KSE All share index surged by 170.76 pts closing at 32,542.92.
Overall market volume registered a decrease from 395.71 m
n shares in the previous session to 342.14 mn shares. K-Electric Limited (KEL +3.64%) continued to dominate the volume chart for the fourth consecutive session. Its contribution to the total traded volume reduced from 36.67% to 33.02% with a total of 112.99 mn shares exchanged. Next in line were Worldcall Telecom Limited (WTL -0.76%) and Nishat Chunain Power Limited (NCPL -0.99%). The scrips had 17.10 mn shares and 12.17 mn shares traded, respectively.
In terms of sectors, the benchmark KSE 100 index demonstrated exceptional performance within the Fertilizer sector (+157.92 pts), Power Generation and Distribution sector (+58.89 pts) and Pharmaceutical sector (+34.23 pts). Company-wise, Engro Fertilizers Limited (EFERT +66.76 pts), Fauji Fertilizer Company Limited (FFC +59.66 pts) and The Hub Power Company Limited (HUBC +49.71 pts), were top points contributors.
The Fertilizer sector surged by 2.56% in its overall market capitalization. Engro Corporation Limited (ENGRO +1.30%), Fauji Fertilizer Company Limited (FFC +2.87%), Engro Fertilizers Limited (EFERT +4.41%) and Fatima Fertilizer Company Limited (FATIMA +6.86%) all ended in green.
Values as at 04:10 PM PST