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DAILY MARKET WRAP
Bull Run Continues at PSX!
Bull run continued at the Pakistan Stock Exchange (PSX) for the 8th consecutive session. Indices accumulated gains all day long after facing slight resistance during first hour of trade. Investor participation continued to remain high.
Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.34% to $81.52. While Brent crude oil price was down by 0.23% to $85.23. (As at 3:58 PM PST, Source: Investing.com).
On the economic front, the government of Pakistan raised petrol prices by Rs.19.95/ liter to Rs.272.95/ liter for the next fourteen days.
Clenching 407.24 pts, the benchmark KSE 100 index recorded intraday high of 48,441.84. It then began to lose momentum crawling to day’s low of 47,998.27 (losing 36.33 pts). Bulls refused to let bears take over and the index settled higher by 195.91 pts at 48,230.51. The KMI 30 index went up by 293.48 pts ending at 80,664.34. While the KSE All share index surged by 121.51 pts closing at 32,148.80.
Total traded volume ballooned from 491.02 mn shares in the previous session to 553.45 mn shares. Telecard Limited (TELE +7.79%), Cynergyico PK Limited (CNERGY +0.86%) and Worldcall Telecom Limited (WTL -0.74%) dominated the volume chart. The scrips had 39.61 mn shares, 37.86 mn shares and 33.22 mn shares exchanged, respectively. Out of the total scrips traded 219 advanced, 102 declined and 222 remained unchanged.
Sectors leading the rally included, Fertilizer sector (59.71 pts), Cement sector (46.78 pts) and Textile Composite sector (30.50 pts). Company-wise, Engro Corporation Limited (ENGRO 36.81 pts), Mari Petroleum Limited (MARI 23.90 pts) and United Bank Limited (UBL 20.90 pts), drove the index north.
The Refinery sector gained 1.78% in its cumulative market capitalization. Attock Refinery Limited (ATRL 3.28%), Cynergyico PK Limited (CNERGY 0.58%), National Refinery Limited (NRL 0.25%) and Pakistan Refinery Limited (PRL 3.14%) all ended positive.
Values as at 04:14 PM PST