DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) regained momentum mid-week ending the session in green. Indices accumulated gains all day long while volume dropped compared to previous session. Analysts asserted that positive sentiments were the result of reduction in foreign selling paired with companies' outstanding result announcements.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.30% to $76.81. While Brent crude oil price was down by 1.20% to $81.51. (As at 3:52 PM PST, Source: Investing.com).

Gaining 758.38 pts, the benchmark KSE 100 index soared to day’s high of 62,600.12. It settled higher by 137.44 pts at 61,979.18. The KMI 30 index grew by 166.17 pts ending the session at 103,712.89. While the KSE All share index went south losing 16.44 pts and closing at 41,892.68.

Overall market volume dropped from 435.76 mn shares in the last session to 276.02 mn shares. K-Electric Limited (KEL -2.37%), The Bank of Punjab Limited (BOP +6.90%) and Hascol Petroleum Limited (HASCOL +0.00%) led the volume chart. The scrips had 36.27 mn shares, 20.85 mn shares and 14.17 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (+107.58 pts), Fertilizer sector (+60.35 pts) and Automobile Assembler sector (+15.24 pts). Company-wise, Engro Corporation Limited (ENGRO +34.64 pts), Bank Alfalah Limited (BAFL +32.77 pts) and United Bank Limited (UBL +29.45 pts), were top points contributors.

The Banking sector gained 0.72% in its cumulative market capitalization. Meezan Bank Limited (MEBL +0.87%), United Bank Limited (UBL +1.39%), MCB Bank of Pakistan (MCB +0.78%) and Standard Chartered Bank (Pak) Limited (SCBPL +2.24%), all closed in green.

Values as at 04:15 PM