DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued on its road to recovery on first trading session of the week. Indices traded within the green zone all day long while volumes dropped from last close. As per analysts, investor sentiments improved significantly in light of the army chief's pledges to ensure transparency in foreign exchange rates.

Equity markets around the globe showed positive trend. Crude oil price moved north with WTI crude oil price rising by 0.16% to $85.69. While Brent crude oil price was up by 0.19% to $88.72 (As at 3:50 PM PST, Source: Investong.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), CPI inflation increased to 27.4% on YoY basis in Aug'23 as compared to an increase of 28.3% in July'23 & 27.3% in SPLY. On MoM basis, it increased to 1.7% in Aug'23 as compared to an increase of 3.5% in Jul'23 & an increase of 2.4% in SPLY.

Bulls drove the benchmark KSE 100 index to day’s high of 45,788.74 gaining 476.09 pts. The index closed higher by 394.77 pts at 45,707.43. The KMI 30 index appreciated by 950.51 pts ending the session at 76,275.41. While the KSE All share index was up by 210.64 pts settling at 30,454.18.

Market volumes tumbled from 161.68 mn shares in the preceding session to 138.71 mn shares. Toppers of the volume chart were, Al- Shaheer Corporation Limited (ASC +10.53%), Worldcall Telecom Limited (WTL +1.74%) and Dewan Farooque Motors Limited (DFML -4.03%), The scrips had 11.27 mn shares, 11.21 mn shares and 8.85 mn shares exchanged, respectively.

Sectors leading the rally included, Fertilizer sector (+86.33 pts), Oil and Gas Exploration sector (+56.99 pts) and Cement sector (+37.78 pts). Companies painting the benchmark KSE 100 index in green consisted of Engro Corporation Limited (ENGRO +54.42 pts), The Hub Power Company Limited (HUBC +33.72 pts) and Pakistan Petroleum Limited (PPL +25.06 pts).

The Refinery sector grew by 4.83% in its cumulative market capitalization. Attock Refinery Limited (ATRL +6.05%), Cynergyico PK Limited (CYNERGY +3.17%), National Refinery Limited (NRL +4.07%), Pakistan Refinery Limited (PRL +5.24%), all closed positive.

Values as at 04:11 PM PST