DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) traded within a narrow range on Monday. Indices swung back and forth until finally closing flat while volumes shrank from last close.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.72% to $90.67. While Brent crude oil price was up by 0.64% to $94.53. (As at 3:51 PM PST, Source: Investing.com).

On the economic front, the Government of Pakistan jacked up petrol prices by Rs 26.02 from Rs 305.36 to Rs 331.38. Base price surged by Rs 23.54 to Rs 252.13 (76% of total cost). Retailer and freight cost increased by Rs 2.48 to Rs 19.25. Petroleum levy remained constant at Rs 60.00. While sales tax remained zero.

Falling by 90.82 pts, the benchmark KSE 100 index recorded day’s low of 45,662.70. It then gained momentum, jumping to day’s high of 45,907.08 with an addition of 153.56 pts. The index settled flat by positive 49.67 pts at 45,803.19. The KMI 30 index appreciated by 22.42 pts closing at 77,503.88. While the KSE All share index grew by 22.61 pts ending at 30,495.52.

Investor activity decreased from 222.42 mn shares in the previous session to 103.40 mn shares. Highest contributors to the volume chart were Pakistan Refinery Limited (PRL +3.28%), Agritech Limited (AGL +4.29%) and Worldcall Telecom Limited (WTL +1.75%). The scrips had 7.87 mn shares, 6.29 mn shares and 4.92 mn shares exchanged, respectively.

Sectors leading the benchmark KSE 100 index north included, Banking sector (+30.45 pts), Oil and Gas Exploration sector (+26.13 pts) and Technology and Communication sector (+14.61 pts). Company-wise, MCB Bank Limited (MCB +12.98 pts), Systems Limited (SYS +10.57 pts) and Mari Petroleum Company Limited (MARI +9.66 pts), drove the index forward.

The Oil and Gas Marketing sector gathered 0.57% in its cumulative market capitalization. Attock Petroleum Limited (APL +1.06%), Shell Pakistan Limited (SHEL +0.37%), Sui Northern Gas Pipelines Limited (SNGP +2.16%) and Sui Southern Gas Pipelines Limited (SSGP +1.44%), all closed positive.

Values as at 04:05 PM PST