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DAILY MARKET WRAP
Bulls Extend Gains!
Bulls strengthened their grip over the Pakistan Stock Exchange (PSX) mid-week. Indices traded in green all day long while volumes surged from last close. Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price fell by 1.07% to $78.77. While Brent crude oil price was down by 1.07% to $82.36. (As at 4:12 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.4817/US$ (0.51%) against the US Dollar on DoD basis ending the session at PKR 287.0387/US$.
Gathering 307.23 pts, the benchmark KSE 100 index shot up to day’s high of 46,724.58. It ended higher by 265.18 pts at 46,682.53. The KMI 30 index clenched 427.18 pts closing the day at 77,858.50. While the KSE All share index appreciated by 131.78 pts ending at 31,185.85.
Total traded volume appreciated from 319.79 mn shares in the previous session to 425.89 mn shares. Out of the total scrips traded 42.97% belonged to KSE 100 scrips. The volume chart was led by K-Electric Limited (KEL +7.48%), Worldcall Telecom Limited (WTL +0.00%) and Pakistan Refinery Limited (PRL +1.80%). The scrips had 58.85 mn shares, 22.24 mn shares and 18.34 mn shares traded, respectively.
Sectors adding gains to the benchmark KSE 100 index included, Banking sector (83.16 pts), Textile Composite sector (34.68 pts) and Power Generation and Distribution sector (33.32 pts). Company-wise, Meezan Bank Limited (MEBL 27.02 pts), MCB Bank Limited (MCB 22.22 pts) and The Hub Power Company Limited (HUBC 21.79 pts), led the index north.
The Refinery sector gained 3.67% in its cumulative market capitalization. Attock Refinery Limited (ATRL 5.43%), National Refinery Limited (NRL 4.22%), Pakistan Refinery Limited (PRL 1.80%) and Cynergyico PK Limited (CNERGY 0.60%), all ended in green.
Values as at 04:16 PM PST