DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its winning streak on Tuesday. Indices accumulated gains all day long while volumes grew from last close. As per analysts, market performed well today because “political unrest” halted for the time being.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.04% to $71.08. While Brent crude oil price was down by 0.08% to $75.17. (As at 5:01 PM PST, Source: Investing.com).

On the economic front, the Government of Pakistan has decided to slash petrol prices by Rs 12.00 from PKR 282.00 to PKR 270.00. Base price declined by Rs11.74 to Rs203.26 (75% of total cost). Retailer & Freight Cost fell by Rs0.26 to Rs 16.74. Petroleum levy was unchanged at Rs.50. While sales tax remained zero.

During the day, the benchmark KSE 100 crossed the 42,000 mark as it climbed to day’s high of 42,081.58 gathering 363.15 pts. It settled higher by 287.82 pts at 42,006.25. The KMI 30 index gained 527.83 pts closing at 72,165.18. While the KSE All share index jumped up by 155.72 pts settling at 27,637.36.

Overall market volumes surged from 108.62 mn shares in the previous session to 196.00 mn shares. Highest participation was witnessed in Pakistan Telecommunication Company Limited (PTC +10.78%), Worldcall Telecom Limited (WTL -0.86%), and Hum Network Limited (HUMNL -3.23%). The scrips had 15.60 mn shares, 14.05 mn shares and 12.68 mn shares exchanged, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (109.27 pts), Banking sector (63.85 pts) and Fertilizer sector (44.33 pts). Companies driving the index north included, United Bank Limited (UBL 55.28 pts), Oil and Gas Development Company Limited (OGDC 50.60 pts), and Pakistan Oilfields Limited (POL 42.45 pts).

The Automobile Parts & Accessories sector gained 0.88% in its cumulative market capitalization. Thal Limited (THALL 0.88%), Atlas Battery Limited (ATBA 1.43%), Exide Pakistan Limited (EXIDE 3.69%) and Loads Limited (LOADS 6.81%), all closed positive.

Values as at 05:03 PM PST