DAILY MARKET WRAP

After swinging between both zones, the Pakistan Stock Exchange (PSX) ended the session on Monday in green. Volumes inched up from last close. As per analysts, the new of IMF denying the rumors regarding raising fresh financing of Rs$8 billion from Pakistan 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 0.63% to $70.48. While Brent crude oil price was up by 0.59% to $74.61. (As at 4:19 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), the large scale manufacturing index (LSMI) output decreased by 24.99% for Mar’23 compared to SPLY & 9.09% as compared to Feb’23. Overall LSMI declined by 8.11% during Jul-Mar 2023 compared with the SPLY.

During the day, the benchmark KSE 100 index swayed between intraday low of 41,310.19 (losing 177.39 pts) and intraday high of 41,718.43 (gaining 230.85 pts). It settled higher by 230.85 pts at 41,718.43. The KMI 30 index closed at 12,637.35 with an addition of 382.93 pts. While the KSE All share index rose by 75.13 pts closing at 27,481.65.

Total traded volumes grew from 89.45 mn shares in the previous session to 108.44 mn shares. Out of the total shares traded, 46.02% belonged to KSE 100 scrips. Top contributors to the volume chart were Worldcall Telecom Limited (WTL +1.75%), Telecard Limited (TELE +8.15%) and Hum Network Limited (HUMNL +9.89%). The scrips had 16.95 mn shares, 11.16 mn shares and 7.50 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Fertilizer sector (77.41 pts), Banking sector (39.39 pts) and Technology and Communication sector (24.91 pts). Company-wise, Engro Corporation Limited (ENGRO 41.65 pts), Pakistan Oilfields Limited (POL 32.66 pts) and Fauji Fertilizer Company Limited (28.71 pts), were top points contributors.

The Chemical sector gained 1.52% in its cumulative market capitalization. Lucky Core Industries (LCI 0.22%), Engro Polymer and Chemical Limited (EPCL 2.32%), Lotte Chemical Pakistan Limited (LOTCHEM 5.06%) and Descon Oxychem Limited (DOL 0.42%), all closed in green.

Values as at 04:23 PM PST