DAILY MARKET WRAP

Positivity surrounded the Pakistan Stock Exchange (PSX) on first trading session of the week. Indices accumulated gains all day long, while volumes jumped up from last close. As per analysts, news of financial support from Saudi Arabia and hopes of an investor-centric budget helped investors regain confidence in the market.

Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.19% to $72.53. While Brent crude oil price was down by 0.35% to $76.71 (As at 3:57 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.2617/USD (0.09%) against the US Dollar on DoD basis ending the session at PKR 285.4151/US$.

The benchmark KSE 100 index gained 684.59 and soared to day’s high of 41,649.14. It settled higher by 375.52 pts at 41,340.06. The KMI 30 index gathered 786.38 pts closing at 71,074.87. While the KSE All share index surged by 234.11 pts settling at 27,650.13.

Market volumes grew more than double in size from 168.45 mn shares in the previous session to 346.19 (increasing by 105.51%). Worldcall Telecom Limited (WTL +14.55%) topped the volume chart as it contributed nearly 56.01% to the total traded volume with 193.89 mn shares exchanged. Next in line were Maple Leaf Cement Factory Limited (MLCF -0.79%) and K-Electric Limited (KEL +2.23%). The scrips had 10.94 mn shares and 8.93 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Technology and Communication sector (114.25 pts), Fertilizer sector (56.82 pts) and Oil and Gas Exploration sector (53.20 pts). Company-wise, Systems Limited (SYS 67.18 pts), TRG Pakistan Limited (TRG 44.28 pts) and Colgate-Palmolive (Pakistan) Limited (COLG 29.20 pts), drove the index north.

The Technology and Communication sector gained 3.41% in its cumulative market capitalization. Systems Limited (SYS 3.23%), TRG Pakistan Limited (TRG 4.59%), Pakistan Telecommunication Company Limited (PTC 0.48%) and Avanceon Limited (AVN 1.80%), all closed positive.

Values as at 04:11 PM PST