DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) came back roaring on Thursday. After a small dip when the opening bell rang, indices accumulated gains day long. Volumes dropped from last close. As per analysts, ongoing result reason helped regain investors’ interest in the market.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.08% to $74.36. While Brent crude oil price was up by 0.12% to $77.81. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP) the Pakistani Rupee lost PKR 0.5279/USD (0.19%) against the US Dollar on DoD basis ending the session at PKR 283.9190/US$.

The benchmark KSE 100 index slipped by 18.51 pts during first half hour of trade recording intraday low of 41,081.07. It then continued to build momentum till it reached day’s high of 41,518.74 (gaining 419.16 pts). The index settled higher by 364.33 at 41,463.91. The KMI 30 index went up by 883.47 pts closing at 72,395.80. While the KSE All share index appreciated by 235.36 pts settling at 27,290.94.

Overall market volumes fell from 186.56 mn shares in the previous session to 169.03 mn shares. Leaders of the volume chart were Bank Al Falah Limited (BAFL +0.68%), Maple Leaf Cement Factory Limited (MLCF +2.37%) and Pakistan Refinery Limited (PRL -2.18%). The scrips had 14.26 mn shares, 7.28 mn shares and 6.88 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Investment Banking sector (71.69 pts), Banking sector (58.46 pts) and Cement sector (47.24 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH 69.84 pts), Mari Petroleum Company Limited (MARI 36.18 pts) and United Bank Limited (UBL 31.92 pts), drove the index north.

The Banking sector went up by 0.69% in its cumulative market capitalization. Meezan Bank Limited (MEBL 1.92%), MCB Bank Limited (MCB +0.89%), United Bank Limited (UBL +2.10%) and Standard Chartered Bank (Pak) Limited (SCBPL 3.87%) all closed in green.

Values as at 04:14 PM PST