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DAILY MARKET WRAP
PSX Starts Week With a Bang!
The Pakistan Stock Exchange (PSX) experienced a session marked by optimism and positive sentiments on Monday. Indices traded in green all day long while volumes rose compared to previous session. As per analysts, the notable upswing was attributed to recent decline in fuel prices and appreciation of the Pakistani Rupee against US Dollar.
On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), CPI inflation general, increased to 31.4% on YoY basis in Sept'23 as compared to an increase of 27.4% in Aug'23 & 23.2% in SPLY. On MoM basis, it increased to 2.0% in Sept'23 as compared to an increase of 1.7% in Aug'23 & a decrease of 1.2% in SPLY.
The benchmark KSE 100 index ballooned to day’s high of 46,704.64 shortly after trading began with an addition of 472.04 pts. It settled higher by 394.49 pts at 46,627.08. The KMI 30 index gained 1,066.99 pts closing at 78,736.36. While the KSE All share index was up by 214.23 pts ending at 31,372.93.
Overall market volume appreciated from 177.45 mn shares in the previous session to 202.08 mn shares. Worldcall Telecom Limited (WTL +8.77%) contributed nearly 22% to the total traded volume with 44.89 mn shares exchanged. Followed by Cynergyico PK Limited (CNERGY +3.01%) and Oil and Gas Development Company Limited (OGDC +2.96%). The scrips had 17.10 mn shares and 17.02 mn shares exchanged, respectively.
Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+113.46 pts), Technology and Communication sector (+85.15 pts) and Fertilizer sector (+61.64 pts). Company-wise, Systems Limited (SYS +73.46 pts), Engro Corporation Limited (ENGRO +58.53 pts) and Oil and Gas Development Company Limited (OGDC +54.05 pts), drove the index north.
The Technology and Communication sector gained +2.65% in its cumulative market capitalization. Systems Limited (SYS +3.71%), TRG Pakistan Limited (TRG +1.04%), Avanceon Limited (AVN +2.23%) and Netsol Technologies Limited (NESTOL +0.89%), all closed in green.
Values as at 04:12 PM PST