DAILY MARKET WRAP

Despite the previous week's setbacks, the Pakistan Stock Exchange (PSX) orchestrated a remarkable comeback on Monday. The benchmark KSE 100 index notched an impressive gain of over 800 pts intraday. Indices oscillated between zones, witnessing a significant upswing towards the session's close, ultimately closing in positive territory. Volume appreciated compared to previous session. Analysts attributed the newfound optimism to a de-escalation of Pak-Iran tensions.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.35% to $73.51. While Brent crude oil price was up by 0.31% to $78.80. (As at 3:46 PM PST, Source: Investing.com).

Bears pulled the benchmark KSE 100 index to day’s low of 63,139.73 (down by 142.50 pts). Bulls then took charge and propelled the index to day’s high of 64,090.88 (up by 808.65 pts). The index settled higher by 657.19 pts at 63,939.41. The KMI 30 index appreciated by 1,783.54 pts closing at 108,352.99. While the KSE All share index accumulated 358.48 pts ending at 43,217.90.

Investor participation inched up from 287.28 mn shares in the last session to 296.62 mn shares. K-Electric Limited (KEL +2.39%) led the volume chart with 97.70 mn shares traded. Followed by Pakistan Petroleum Limited (PPL +7.14%) and Pakistan International Airlines Corp (PIAA +0.25%). The scrips had 23.34 mn shares and 21.11 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green were, Oil and Gas Exploration sector (+406.39 pts), Banking sector (112.84 pts) and Oil and Gas and Marketing sector (+80.15 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +182.60 pts), Pakistan Petroleum Limited (PPL +177.10 pts) and Bank Al Habib Limited (BAHL +89.95 pts), were top points contributors.

The Oil and Gas Exploration sector gained 4.75% in its cumulative market capitalization. The Oil and Gas Development Company Limited (OGDC +7.50%), Pakistan Petroleum Limited (PPL +7.14%) and Mari Petroleum Company Limited (MARI +2.24%) and Pakistan Oilfields Limited (POL +0.20%), all closed in green.

Values as at 04:15 PM