DAILY MARKET WRAP

Bullish trend prevailed at the Pakistan Stock Exchange (PSX) on Thursday. Indices swung high and low before closing in positive territory while volume depreciated compared to previous session. Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.99% to $76.60. While Brent crude oil price was up by 0.94% to $81.31. (As at 3:54 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index stretched to day’s high of 62,480.23 gathering 501.05 pts. It then slipped to day’s low of 61,764.70 losing 214.48 pts. The index ultimately settled higher by 414.56 pts at 62,393.74. The KMI 30 index grew by 1,331.87 pts closing the session at 105,044.76. While the KSE All share index ballooned by 209.46 pts ending the day at 42,102.14.

Overall market volume dropped from 276.02 mn shares in the last session to 270.24 mn shares. Out of the total scrips traded 51.35% belonged to KSE 100 scrips. K-Electric Limited (KEL -1.76%), Soneri Bank Limited (SNBL +7.86%) and Pakistan Refinery Limited (PRL +5.41%) witnessed highest market participation. The scrips had 33.97 mn shares, 28.11 mn shares and 26.13 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+269.28 pts), Banking sector (+103.10 pts) and Refinery sector (+26.25 pts). Company-wise, Oil and Gas Development Corporation Limited (OGDC +175.96 pts), Meezan Bank Limited (MEBL +60.26 pts) and Mari Petroleum Company Limited (MARI +55.44 pts), were top points contributors.

The Refinery sector gained 3.22% in its cumulative market capitalization. Attock Refinery Limited (ATRL +4.36%), Cynergyico PK Limited (CNERGY +2.31%), National Refinery Limited (NRL +1.92%) and Pakistan Refinery Limited (PRL +5.41%), all closed in green.

Values as at 04:13 PM