DAILY MARKET WRAP

Bullish sentiments prevailed at the Pakistan Stock Exchange on Thursday. Indices accumulated gains all day long, whereas volumes surged from the last close. As per analysts, media reports that Saudi Arabia had confirmed to the International Monetary Fund (IMF) its readiness to provide funds to Pakistan, a key condition set for staff-level agreement boosted investors’ confidence.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.66% to $80.08. While Brent crude oil price was down by 0.54% to $84.53. (As at 2:31 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the country’s central governments debt rose by 27% on YoY basis to Rs. 54,354 bn. Out of the total debt 63% was from domestic sources, while remaining 37% was from external sources.

Accumulating 657.18 pts, the benchmark KSE 100 index recorded intraday high of 40,374.33. It ended higher by 633.74 pts at 40,350.89. The KMI 30 index gathered 1,608.76 pts closing at 70,432.65. While the KSE All share index closed at 26,619.40 with an addition of 399.18 pts.

Overall market volumes rose from 371.35 mn shares in last session to 539.83 mn shares. Highest participation was witnessed in Silkbank Limited (SILK +7.77%), Pakistan Petroleum Limited (PPL +7.47%) and Telecard Limited (TELE +2.78%). The scrips had 21.29 mn shares, 13.57 mn shares and 10.96 mn shares traded, respectively. Out of the total shares traded, 228 advanced, 70 declined while 249 remained unchanged.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (201.62 pts), Fertilizer sector (85.24 pts) and Cement sector (75.58 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 98.61 pts), Pakistan Petroleum Limited (PPL 85.12 pts) and Engro Corporation Limited (ENGRO 61.87 pts), were top point contributors.

The Oil & Gas Marketing Companies sector gained 2.93 % in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 3.11%), Attock Petroleum Limited (APL 0.33%), Shell Pakistan Limited (SHEL 1.25%) and Sui Northern Gas Pipe line Limited (SNGP 5.29 %) all closed in green.

Values as at 02:32 PM PST