DAILY MARKET WRAP

Continuing with the positive trend from previous session the Pakistan Stock Exchange (PSX) ended last session of the week in green. Market trend was similar to previous session where indices traded in green all day long after a small dip in the beginning of trade. Volume increased from last close. As per analysts, Investors regained confidence in the market on hopes that the IMF and government would soon reach a positive outcome.

Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.35% to $77.89. While Brent crude oil was down by 0.44% to $84.38. (As at 4:56 PM PST, Source: Investing.com).

On economic front, according to latest data released by State Bank of Pakistan total Liquid Foreign Exchange Reserves Rise by US$ 541 mn WoW basis. Net reserves with State Bank of Pakistan surged by US$ 556 mn on weekly basis. Net reserves with Banks on the other hand fell by US$ 14 mn.

The benchmark KSE 100 index gained 1.55% on WoW basis. During the day, the index lost 183.60 pts recording intraday low of 40,487.28. Recovering all losses, the index jumped to day’s high of 41,359.11 (gaining 688.23 pts). It ended with an addition of 666.12 pts at 41,337.00. The KMI 30 index appreciated by 1,561.03 pts closing at 70,737.61. While the KSE All Share index ended higher by 337.13 pts settling at 27,044.44.

Overall market volumes grew 151.87 mn shares in the previous session to 194.15 mn shares. Bank Islami Pakistan Limited (BIPL -6.42%) secured first position on the volume chart with 15.74 mn sahfes traded. Followed by Worldcall Telecom Limited (WTL +2.36%) with 15.47 mn shares exchanged and Oil and Gas Development Company Limited (OGDC +7.41%) with 13.42 mn shares traded.

Sectors driving the benchmark KSE 100 index north included Oil and Gas Exploration sector (204.57 pts), Banking sector (93.28 pts) and Miscellaneous sector (77.86 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 103.64 pts), Pakistan Petroleum Limited (PPL 83.28 pts), Pakistan Services Limited (PSEL 78.58 pts).

The Oil & Gas Exploration Companies sector (+5.08%) closed as top gainer. Oil and Gas Development Company Limited (OGDC 7.41%), Mari Petroleum Company Limited (MARI 2.40%) and Pak Petroleum Limited (PPL 7.50%) all closed in green.

Values as at 05:11 PM PST