DAILY MARKET WRAP

Equity markets around the world showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.68% to $83.48. While Brent crude oil price was up by 0.94% to $86.98. (As at 3:53 PM PST, Source: Investing.com).

Falling by 167.45 pts, the benchmark KSE 100 index crept to day’s low of 47,262.38. It then gained momentum climbing to day’s high of 48,334.54 rising by 904.71 pts. The index settled higher by 797.77 pts at 48,227.60. The KMI 30 index surged by 1,786.10 pts ending at 81,354.19. While the KSE All share index grew by 400.61 pts closing at 31,953.32.

Overall market volume fell from 335.21 mn shares in the previous session to 311.31 mn shares. Oil and Gas Development Company Limited (OGDC +7.50%), Pakistan Petroleum Limited (PPL +7.50%) and JS Bank Limited (JSBL -0.73%), witnessed highest market volumes. The scrips had 37.74 mn shares, 22.76 mn shares and 21.56 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (175.53 pts), Oil and Gas Exploration sector (169.02 pts) and Power Generation and Distribution sector (131.95 pts). Companies that drove the index north consisted of, Oil and Gas Development Company Limited (OGDC 118.45 pts), The Hub Power Company Limited (HUBC 115.60 pts) and Pakistan Petroleum Limited (PPL 87.38 pts).

The Power Generation and Distribution sector rose by 5.39% in its cumulative market capitalization. The Hub Power Company Limited HUBC 5.73%), K-Electric Limited (KEL 2.86%), Kot Addu Power Company Limited (KAPCO 4.30%) and Pakgen Power Limited (PKGP 7.50%), all closed positive.

Values as at 04:12 PM PST