DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) bounced back vigorously on Thursday taking the benchmark KSE 100 index to a new all-time high of 57,549.27 intraday. Indices managed to recover losses during initial hours of trade, closing the session in green. Market volume also peaked to heights last seen in 2021.

As per analysts, investors responded positively to the staff level agreement between the Government and the IMF. This agreement clears the path for Pakistan to secure a $700 mn loan.

Equity markets around the globe showed positive trend. Crude oil prices moved south with WTI crude oil prices falling by 0.33% to $76.41. While Brent crude oil price dropped by 0.49% to $80.78. (As at 3:45 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially dropped to day’s low of 56,531.54 losing 148.53 pts. Regaining momentum it jumped to day’s high of 57,549.27 with an addition of 869.20 pts. The index settled higher by 716.96 pts at 57,397.03. The KMI 30 index surged by 1,593.14 pts ending at 98,921.84. While the KSE All share index appreciated by 713.58 pts closing at 38,382.84.

The market witnessed a surge in investor interest, with activity spiking from 660.47 mn shares in the last session to a substantial 1.05 bn shares. Highest participation was witnessed in Worldcall Telecom Limited (WTL +13.57%) with 388.39 mn shares traded. Followed by scrips from the Refinery sector namely Cynergyico PK Limited (CNERGY -0.84%) and Pakistan Refinery Limited (PRL +3.01%). The scrips had 45.15 mn shares and 39.58 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (+302.05 pts), Fertilizer sector (+98.42 pts) and Oil and Gas Marketing sector (+69.87 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +138.54 pts), Pakistan Petroleum Limited (PPL +126.61 pts) and Engro Fertilizers Limited (EFERT +77.27 pts), were top points contributors.

The Oil and Gas Marketing sector gained 3.34% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +5.14%), Attock Petroleum Limited (APL +3.03%) and Sui Southern Gas Company Limited (SSGC +2.15%), all closed positive.

Values as at 04:07 PM PST