DAILY MARKET WRAP

Bulls reappeared at the Pakistan Stock Exchange (PSX) on Thursday. Indices traded in green all day long while volume decreased compared to prior session. As per analysts, Moody’s rating upgrade helped investors regain confidence in the market.

Global equity markets exhibited negative trend. Crude oil prices moved north, with WTI crude oil prices rising by 0.24% to $74.70. While Brent crude oil price went up by 0.08% to $77.64 (As at 3:43 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index touched day’s high of 78,513.86 with an addition of 521.07 pts. It concluded the day higher by 356.88 pts at 78,349.66. The KMI 30 index appreciated by 770.98 pts to finish the day at 124,741.44. The KSE All share index grew by 235.65 pts to finish the day at 50,470.41.

Investor activity slipped from 635.00 mn shares in the prior session to 599.69 mn shares. Leaders of the volume chart were, Systems Limited (SYS +13.21%), National Bank of Pakistan (NBP +8.96%) and Kohinoor Spinning Mills Limited (KOSM +2.19%). The scrips had 64.30 mn shares, 42.59 mn shares and 41.14 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index into the green zone included, Automobile Assembler sector (+138.31 pts), Fertilizer sector (+114.02 pts) and Food and Personal Care Products sector (+67.55 pts). Company-wise, Millat Tractors Limited (MTL +136.63 pts), Engro Corporation Limited (ENGRO +109.69 pts) and National Bank of Pakistan (NBP +77.11 pts), were top points contributors.

The Power Generation and Distribution sector gained 0.54% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +1.03%), Pakgen Power Limited (PKGP +0.20%), Kot Addu Power Company Limited (KAPCO +0.83%) and Lalpir Power Limited (LPL +0.08%), all closed in green.

Values as at 04:15 PM