DAILY MARKET WRAP

Positive Momentum Continues at PSX!

Positive momentum continued to prevail at the Pakistan Stock Exchange (PSX) on Tuesday. Indices accumulated gains all day long while market volumes fell from last close. Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.28% to $71.74. While Brent crude oil price was down by 1.50% to $75.94. (As at 3:54 PM PST, Source: Investing.com).

On the economic front, as per news reports, IMF hopes to conduct a board meeting with Pakistan before the expiration of current loan program and continues to remain in contact with higher authorities.

Furthermore, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.0611/US$ (0.02%) against the US Dollar on DoD basis ending the session at PKR 285.3540/US$.

The benchmark KSE 100 index gained 353.41 and soared to day’s high of 41,693.47. It settled at 41,671.66 with an addition of 331.60 pts. The KMI 30 index clenched 989.79 pts closing at 72,064.66. While the KSE All share index surged by 257.83 pts settling at 27,907.96.

Total traded volume fell from 346.25 mn shares in the previous session to 197.60 mn shares. Leading the volume chart with 31.06 mn shares traded was Worldcall Telecom Limited (WTL -0.79%). Followed by Air Link Communication Limited (AIRLINK +6.25%) and TPL Properties Limited (TPLP +6.38%). The scrips had 21.28 and 10.77 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Cement sector (104.60 pts), Oil and Gas Exploration sector (69.54 pts) and Technology and Communication sector (62.23 pts). Company-wise, Lucky Cement Limited (LUCK 72.58 pts), Systems Limited (SYS 45.40 pts) and Habib Bank Limited (HBL 43.97 pts), were top points contributors.

The Refinery sector gained 1.63% in its cumulative market capitalization. Cynergyico PK Limited (CNERGY 0.62%), Attock Refinery Limited (ATRL 1.85%), National Refinery Limited (NRL 1.13%) and Pakistan Refinery Limited (PRL 1.80%), all closed in green.

Values as at 04:29 PM PST