DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) stood their ground on Tuesday. Indices swung high and low while volume appreciated compared to previous session. As per analysts, the market's upward momentum was fueled by energy stocks following news regarding government’s plan to resolve “circular debt”.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.68% to $74.25. While Brent crude oil price was down by 0.62% to $78.56. (As at 3:49 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially dipped to day’s low of 63,549.61 losing 389.81 pts. Gaining momentum, it then reached day’s high of 64,658.17 (up by 718.76 pts). The index settled higher by 514.81 pts at 64,454.22. the KMI 30 index gathered 594.72 pts ending the session at 108,947.71. While the KSE All share index swelled by 243.73 pts ending at 43,461.63.

Overall market volume jumped from 296.62 mn shares in the last session to 425.60 mn shares. Oil and Gas Development Company Limited (OGDC +2.22%) witnessed highest volumes with 52.95 mn shares traded. Fauji Foods Limited (FFL +7.91%) secured second place with 44.94 mn shares traded. Third in line was K-Electric Limited (KEL -1.98%) with 28.44 mn shares exchanged.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (212.27 pts), Fertilizer sector (+149.56 pts) and Technology and Communication sector (+29.51 pts). Company-wise, Engro Fertilizers Limited (EFERT +93.44 pts), Bank Al Habib Limited (BAHL +62.54 pts) and Mari Petroleum Company Limited (MARI +59.98 pts), were top points contributors.

The Refinery sector gained 3.32% in its cumulative market capitalization. Attock Refinery Limited (ATRL +0.46%), Cynergyico PK Limited (CNERGY +4.09%), National Refinery Limited (NRL +1.15%) and Pakistan Refinery Limited (PRL +1.63%), all closed in green.

Values as at 04:12 PM