DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) concluded a tense trading day on Tuesday with a positive outcome. Despite initial volatility with indices oscillating between red and green, the market showed signs of improvement as the session progressed, ultimately finishing in the green.

Equity markets around the world showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.51% to $73.41. While Brent crude oil price was up by 0.45% to $78.38. (As at 3:59 PM PST, Source: Investing.com).

Losing 277.87 pts, the benchmark KSE 100 index slipped to day’s low of 62,215.19. Recovering the losses, it then jumped to intraday high of 63,036.51 with an addition of 543.46 pts. The index settled higher by 462.97 pts at 62,956.03, only 44 pts away from the 63,000-mark. The KMI 30 index also enjoyed the ride and added 0.93% to move up to 107,076.26. While the KSE All Share Index gathered 403.99 pts ending at 42,006.67.

A total of 761.53 mn shares were traded during the entire session with 408.16 mn in the KSE 100 index scrips. Amongst the volume leaders was Cynergyico PK Limited (CNERGY +5.21%) where 82.31 mn shares were exchanged. Pakistan Refinery Limited (PRL +5.23%) followed with investors exchanging 53.70 mn shares. Next was Fauji Foods Limited (FFL +3.94%) with a volume of 37.66 mn traded.

Sectors painting the benchmark KSE 100 index in green included Oil and Gas Exploration sector (+277.34 pts), Banking sector (+126.09 pts) and Oil and Gas Marketing sector (+61.91 pts). Company-wise, Pakistan Petroleum Limited (PPL +131.20 pts), Oil and Gas Development Company Limited (OGDC +106.28 pts) and Meezan Bank Limited (MEBL +60.40 pts), added gains to the index.

The Oil and Gas Exploration sector gained 4.31% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +5.45%), Pakistan Petroleum Limited (PPL +7.50%), Mari Petroleum Company Limited (MARI +0.77%) and Pakistan Oilfields Limited (POL +2.04%) all closed in green.

Values as at 04:10 PM PST