- Pulse by Capital Stake
- Posts
- DAILY MARKET WRAP
DAILY MARKET WRAP
Stocks Stage Rally – KSE 100 Gains Over 2,000 pts!
Bulls of the Pakistan Stock Exchange (PSX) won hearts with their record breaking gains on Monday which ended up triggering a market halt during early hours of trade. The benchmark KSE 100 index gained over 2,000 pts in a single day crossing 43,000 mark. Indices traded in green all day long while volumes surged from last close. Analysts attributed the rally to the staff level agreement with IMF for a stand-by arrangement of $3 bn loan.
Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price up by 0.75% to $71.16 while Brent crude oil price was trading higher by 0.62% to $75.88 (As at 4:19 PM PST Source: Investing.com).
On economic front, according to latest data released by Pakistan Bureau of Statistics (PBS), CPI inflation increased to 29.40% on YoY basis in June'23 as compared to an increase of 38.00% in May'23 & 21.30% in SPLY. On MoM basis, it increased to 0.3% in Jun'23 as compared to an increase of 1.6% in May'23 and an increase of 6.3% in SPLY.
Accumulating 2,481.26 pts the benchmark KSE 100 index recorded intraday high of 43,933.95. It ended higher by 2,446.32 pts at 43,899.01 crossing the 43,000 mark. The KMI 30 index appreciated by 4,547.44 pts closing at 75,295.56. While the KSE All Share index was up by 1,405.19 pts settling at 29,516.22.
Overall market volumes appreciated from 233.92 mn shares in last session to 381.13 mn shares. Worldcall Telecom (WTL +13.76%), K-Electric Limited (KEL +14.54%) and Cynergyico PK Limited (CNERGY +12.68%) led the volume chart. The scrips had 54.80 mn shares, 30.60 mn shares and 22.45 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index north included Banking sector (542.91 pts), Oil and Gas Exploration sector (305.42 pts) and Fertilizer sector (272.73 pts). Company-wise, Systems Limited (SYS 159.83 pts), The Hub Power Company Limited (HUBC 142.22 pts) and Engro Corporation Limited (ENGRO 125.78 pts), were top points contributors.
The Refinery sector (+8.99%) closed as top gainer. National Refinery Limited (NRL 7.50%), Attock Refinery Limited (ATRL 7.50%), Pakistan Refinery Limited (PRL 7.52%) and Cynergyico PK Limited (CNERGY 11.97%) all closed in green.
Values as at 04:20 PM PST