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DAILY MARKET WRAP
Stocks Extend Gains!
Investors of the Pakistan Stock Exchange (PSX) carried forward their happy mood from the previous week on Monday. Indices accumulated gains all day long with the benchmark KSE 100 index settling above 48,000 mark. Volumes increased from last close. Analysts attributed the positive sentiments to the pressure from the IMF (International Monetary Fund) on reducing the circular debt and the government taking measures. Furthermore, the visits by international delegations to Pakistan, including the Chinese vice premier, and news of possible agreements on refineries and minerals helped in improving investors confidence.
Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.99% to $81.45. While Brent crude oil price was up by 0.83% to $85.13. (As at 4:16 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.1895/USD (0.07%) against the US Dollar on DoD basis ending the session at PKR 286.6416/US$.
The benchmark KSE 100 index swelled to day’s high of 48,126.50 gaining 1,049.51 pts. The index settled higher at 48,034.60 with an addition of 134.08 pts. The KMI 30 index appreciated by 1,844.64 pts ending at 80,370.86. While the KSE All share index was up by 586.16 pts at 32,027.29.
Market volumes clocked in at 491.19 mn shares as compared to 453.75 mn shares in the previous session. Total traded volume inched up from Rs.17.85 bn on Thursday to Rs.17.88 bn. Worldcall Telecom Limited (WTL -2.16%), K-Electric Limited (KEL +5.22%) and Cynergyico PK Limited (CNERGY +3.88%), were leaders of the volume chart. The scrips had 49.32 mn shares, 39.44 mn shares and 32.35 mn shares exchanged, respectively.
Sectors leading the benchmark KSE 100 index into the green zone included, Banking sector (382.00 pts), Oil and Gas Exploration sector (258.90 pts) and Cement sector (71.91 pts). Company-wise, Oil and Gas Development Limited (OGDC 125.48 pts), Habib Bank Limited (HBL 121.11 pts) and Pakistan Petroleum Limited (PPL 91.95 pts), led the index to victory.
The Oil & Gas Exploration sector gained 4.50% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 7.51%), Mari Petroleum Company Limited (MARI 2.78%), Pak Petroleum Limited (PPL 6.70%) and Pakistan Oilfields Limited (POL 0.54%), all ended positive.
Values as at 04:23 PM PST