DAILY MARKET WRAP

Positive sentiments prevailed at the Pakistan Stock Exchange for the fourth consecutive session. Indices accumulated gains for most of the day while volumes surged from the last close. As per analysts, the appreciation of Pakistani Rupee as well as hopes of the much-needed International Monetary Fund (IMF) programme will be revived soon, acted as a positive trigger for investors.

Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.41% to $78.79. While Brent crude oil price was up by 0.38% to $85.41. (As at 04:08 PM PST, Source: Investing.com).

On the economic front, as per data released by the State bank of Pakistan (SBP), the Pakistani Rupee gained PKR 2.8205/US$ (1.03%) against the US Dollar on DoD basis ending the session at PKR 270.5065/US$.

Gaining 844.43 pts, the benchmark KSE 100 jumped to day’s high of 42,567.75. It ended higher by 743.27 pts at 42,466.59. The KMI 30 index was up by 1,323.72 pts closing at 73,769.77. While the KSE All Share index gathered 513.48 pts settling at 28,258.34.

Overall market volumes appreciated from 296.46 mn shares in the previous session to 366.39 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL +2.29%), Hascol Petroleum Limited (HASCOL +5.06%) and Oil and Gas Development Company Limited (OGDC +6.18%). The scrips had 35.05 mn shares, 25.21 mn shares and 18.23 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Banking sector (210.57 pts), Oil and Gas Exploration sector (152.00 pts) and Cement sector (107.78 pts). Company-wise, Oil and Gas Development Company limited (OGDC 105.25 pts), Pakistan Petroleum Limited (PPL 66.92 pts) and Habib Bank Limited (HBL 66.32 pts), were top positive contributors.

The Banking sector gained 2.52% in its cumulative market capitalization. Meezan Bank Limited (MEBL 2.70%), MCB Bank Limited (MCB 1.71%), United Bank Limited (UBL 3.55%) and Habib Bank Limited (HBL 4.55%), all closed in green.

Values as at 04:07 PM PST