DAILY MARKET WRAP

Extending the rally from previous day, the Pakistan Stock Exchange (PSX) closed the session on Tuesday in green. Indices accumulated gains all day long while volumes appreciated from last close. As per analysts, ongoing talks with the IMF as well as possibility of circular debt coming to a resolve, brought about positive trend in the market.

Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 2.08% to $75.65. While Brent crude oil price was up by 1.86% to $82.50. (As at 3:57 PM PST, Source: investing.com).

Gaining 573.18 pts, the benchmark KSE 100 jumped to day’s high of 41,763.95. It ended higher by 331.91 pts at 41,522.76. The KMI 30 index was up by 790.53 pts closing at 71,952.25. While the KSE All Share index gathered 217.01 pts settling at 27,639.82.

Overall market volumes appreciated from 176.58 mn shares in the previous session to 295.16 mn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL +6.03%), Pakistan Petroleum limited (PPL +1.21%) and Sui Southern Gas Pipelines Limited (SSGC +0.61%). The scrips had 44.71 mn shares, 31.77 mn shares and 16.13 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Technology and Communication sector (166.08 pts), Oil and Gas Exploration sector (132.30 pts) and Banking sector (69.24 pts). Company-wise, Systems Limited (SYS 126.34 pts), Oil and Gas Development Company Limited (OGDC 118.31 pts) and TRG Pakistan Limited (TRG 41.58 pts), drove the index north.

The Technology and Communication sector gained 2.66% in its cumulative market capitalization. Systems Limited (SYS 0.55%), TRG Pakistan Limited (TRG 0.33%), NetSol Technologies Limited (NETSOL 0.22%) and Avanceon Limited (AVN 0.11%), all closed positive.

Values as at 04:10 PM PST