DAILY MARKET WRAP

Positive sentiments surrounded the Pakistan Stock Exchange (PSX) on Tuesday. Indices traded in green all day long while volume rose compared to previous session. Analysts noted a resurgence in investors' confidence as they looked forward to the forthcoming approval of the IMF's staff level agreement, which is tentatively fixed for December 7.

Equity markets around the globe showed positive trend. Crude oil prices on the other hand moved downhill with WTI crude oil price falling by 0.31% to $77.59. While Brent crude oil was down by 0.24% to $82.12. (As at 3:45 PM PST, Source: Investing.com).

The benchmark KSE 100 index gathered 613.26 pts during the session and jumped to day’s high of 57,691.22. The index settled higher by 293.63 pts at 57,371.59. The KMI 30 index surged by 322.35 pts ending the session at 97,662.28. While the KSE All share index concluded the day at 38,509.16. with an addition of 126.34 pts.

Overall market volume swelled up from 718.22 mn shares in the last session to 1.01 bn shares. Total traded volume was recorded at Rs.19.33 bn on Tuesday. Worldcall Telecom Limited (WTL +3.09%), K-electric Limited (KEL -1.13%) and Hum Network Limited (HUMNL +4.17%) dominated the volume chart. The scrips had 254.23 mn shares, 63.36 mn shares and 38.04 mn shares traded respectively.

Sectors leading the rally included, Banking sector (+145.64 pts), Power Generation and Distribution sector (+84.62 pts) and Cement sector (+35.35 pts). Companies that contributed positively to the index included, The Hub Power Company Limited (HUBC +84.98 pts), United Bank Limited (UBL +39.65 pts) and Lucky Cement Limited (LUCK +27.66 pts).

The Banking sector gained 1.15% in its cumulative market capitalization. Meezan Bank Limited (MEBL +6.66%), United Bank Limited (UBL +0.49%), Habib Bank Limited (HBL +0.33%) and Standard Chartered Bank (Pak) Limited (SCBPL +2.43%), all closed in green.

Values as at 04:12 PM PST