DAILY MARKET WRAP

Extending gains from previous session, the Pakistan Stock Exchange (PSX) wrapped up the week on a positive note. Indices accumulated gains for most part of the day while volumes dropped compared to previous session. Analysts point to the announcement of elections as the driving force behind the surge in investor confidence.

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), the SPI for the week ended on 21st September, 2023 increased by 0.93%. On YoY basis, an increase of 38.66% was reported.

The benchmark KSE 100 index gained 1.46% WoW. During the day, it recorded intraday low of 46,182.00 losing 20.13 pts. The index then climbed to day’s high of 46,500.45 gaining 298.32 pts. It settled higher by 219.03 pts at 46,421.15. The KMI 30 index appreciated by 373.66 pts ending at 78,230.70. While the KSE All share index jumped by 149.73 pts closing at 31,002.98.

Market volumes shrank from 171.75 mn shares in the last session to 169.94 mn shares. Leaders of the volume chart were, Cynergyico PK Limited (CNERGY +3.69%), Worldcall Telecom Limited (WTL -0.87%) and Unity Foods Limited (UNITY +4.40%). The scrips had 10.56 mn shares, 10.06 mn shares and 8.14 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included, Power Generation and Distribution sector (+63.61 pts), Banking sector (+48.17 pts) and Oil and Gas Exploration sector (+47.98 pts). Company-wise, The Hub Power Company Limited (HUBC +62.56 pts), Pakistan Petroleum Limited (PPL +32.36 pts) and Fauji Fertilizer Company Limited (FFC +15.54 pts), were top points contributors.

The Oil and Gas Exploration sector witnessed an increase of 0.80% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +0.59%), Mari Petroleum Company Limited (MARI +0.28%), Pakistan Petroleum Limited (PPL +2.65%), Pakistan Oilfields Limited (POL +0.42%), all closed in green.

Values as at 05:09 PM PST