DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) staged a modest recovery on Thursday as they navigated through varying highs and lows. Investor involvement was notably lower compared to the preceding session.

Global equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.28% to $74.01. While Brent crude oil price was down by 0.16% to $79.57. (As at 3:50 PM PST, Source: Investing.com).

Losing 697.04 pts, the benchmark KSE 100 index slipped to day’s low of 61,750.97. It then reached its day’s peak of 62,850.10 gaining 402.08 pts. The index settled higher by 245.56 pts at 62,693.57. The KMI 30 index appreciated by 385.13 pts ending at 105,547.38. While the KSE All share index surged by 201.84 pts ending the session at 41,866.38.

Investor activity dwindled down to 811.18 mn shares compared to 1.19 bn shares in the last session. Out of the total scrips traded 64.89% belonged to KSE 100 scrips. K-Electric Limited (KEL –2.95%), Cynergyico PK Limited (CNERGY +12.27%) and Worldcall Telecom Limited (WTL +1.94%), led the volume chart. The scrips had 209.40 mn shares, 101.56 mn shares, 59.82 mn shares traded, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+50.32 pts), Refinery sector (+50.24 pts) and Oil and Gas Marketing sector (+40.66 pts). Companies that led the index north included, Pakistan Petroleum Limited (PPL +37.14 pts), Pakistan State Oil Company Limited (PSO +29.11 pts) and Oil and Gas Development Company Limited (OGDC +26.99 pts).

The Chemical sector gained 0.79% in its cumulative market capitalization. Colgate-Palmolive (Pakistan) Limited (COLG +0.62%), Engro Polymer and Chemicals Limited (EPCL +1.46%), Lotte Chemical Pakistan Limited (LOTCHEM +0.58%) and Archroma Pakistan Limited (ARPL +4.38%), all closed in green

Values as at 04:10 PM