DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) concluded last trading session of the week on a high note. Indices traded in green for most part of the day while volume decreased compared to previous session. The acceleration in market momentum was attributed by analysts to the clear picture emerging regarding the establishment of a new government.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.64% to $79.54. While Brent crude oil price was up by 1.57% to $83.20. (As at 4:52 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 4.00% WoW. During the day, the index slipped by 48.31 pts falling to day’s low of 64,530.21. It then gained 907.93 pts reaching day’s high of 65,486.46. The index settled higher by 747.16 pts at 65,325.69. The KMI 30 index jumped by 1,242.63 pts closing the session at 110,094.92. While the KSE All share index was up by 428.06 pts ending the session at 43,268.95.

Investor activity went down from 423.95 mn shares in the last session to 344.04 mn shares. Kohinoor Spinning Mills Limited (KOSM +14.29%), K-Electric Limited (KEL -0.61%) and Treet Corporation Limited (TREET +4.16%), witnessed highest market volumes. The scrips had 71.36 mn shares, 19.42 mn shares and 17.47 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index towards victory included Banking sector (+280.88 pts), Fertilizer sector (+207.98 pts) and Investment Banking sector (+92.13 pts). Company-wise, Engro Corporation Limited (ENGRO +199.36 pts), Meezan Bank Limited (MEBL +100.40 pts) and Mari Petroleum Company Limited (MARI +92.75 pts) were top points contributors.

The Refinery sector gained 1.95% in its cumulative market capitalization. Attock Refinery Limited (ATRL +2.79%), Cynergyico PK Limited (CNERGY +0.70%), National Refinery Limited (NRL +2.34%) and Pakistan Refinery Limited (PRL +1.22%), all closed in green.

Values as at 05:12 PM