DAILY MARKET WRAP

TThe Pakistan Stock Exchange (PSX) continued its road to recovery on Wednesday. Indices traded in green all day long while volume depreciated compared to previous session. As per analysts, the prevailing bullish sentiments were largely fueled by a decrease in political uncertainty, which provided a much-needed boost to investor confidence.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.27% to $78.08. While Brent crude oil price was up by 0.33% to $83.04. (As at 3:59 PM PST, Source: Investing.com).

Gathering 1,205.33, bulls drove the benchmark KSE 100 index to day’s high of 62,432.26. It closed the session higher by 926.92 pts at 62,153.84. The KMI 30 index surged by 1,635.74 pts ending the session at 103,461.55. While the KSE All share index appreciated by 586.05 pts concluding the day at 41,876.85.

Overall market volume decreased from 434.87 mn shares in the last session to 303.82 mn shares. K-Electric Limited (KEL +7.71%), Oil and Gas Development Company Limited (OGDC -1.75%) and Pakistan Petroleum Limited (PPL +6.02%) were volume leaders of the day. The scrips had 33.42 mn shares, 32.23 mn shares and 15.51 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included Oil and Gas Exploration sector (+135.36 pts), Fertilizer sector (+122.68 pts) and Oil and Gas Marketing sector (+114.86 pts). Company-wise, Pakistan Petroleum Limited (PPL +124.01 pts), Engro Corporation Limited (ENGRO +63.20 pts) and Engro Fertilizers Limited (EFERT +58.15 pts), were top points contributors.

The Oil and Gas Marketing sector gained 5.65% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +4.84%), Sui Northern Gas Pipelines Limited (SNGP +7.50%), Attock Petroleum Limited (APL +6.71%) and Shell Pakistan Limited (SHELL +3.63%), all closed in green.

Values as at 04:13 PM