DAILY MARKET WRAP

Recovering losses from previous three sessions, the Pakistan Stock Exchange (PSX) closed the session on Friday in green. Indices traded in the green right from the word go! Trading volume increased compared to previous session. According to analysts, investor sentiment was buoyed by optimism surrounding the potential deal with the IMF.

Global equity markets showed a mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.60% to $79.42 while Brent crude oil was up by 0.65% to $84.21. (As at 4:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 1.16% WoW. During the day, the index jumped to day’s high of 71,986.43 accumulating 1,328.79 pts. It closed the session higher by 1,244.45 pts at 71,902.09. The KMI 30 index grew by 2,551.95 pts closing the day at 121,311.74. While the KSE All share index appreciated by 769.67 pts ending the session at 46,919.98.

Investor activity went up from 436.82 mn shares in the previous session to 448.99 mn shares. Volume leaders of the session were, Pakistan Petroleum Limited (PPL +6.63%), Hascol Petroleum Limited (HASCOL +9.51%) and Fauji Cement Company Limited (FCCL +5.95%). The scrips had 26.66 mn shares, 26.58 mn shares and 19.31 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (+352.07 pts), Banking sector (+173.73 pts) and Cement sector (+156.04 pts). Company-wise, Pakistan Petroleum Limited (PPL +163.05 pts) Oil and Gas Development Limited (OGDC +118.96 pts) and The Hub Power Company Limited (HUBC +108.12 pts), were top points contributors.

The Oil and Gas Exploration sector gained 3.80% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +4.41%), Pakistan Petroleum Limited (PPL +6.63%), Mari Petroleum Company Limited (MARI +2.87%) and Pakistan Oilfields Limited (POL +0.26%), all closed in green.

Values as at 05:14 PM