DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed the week on a high note. Indices accumulated gains all day long while volume surged compared to previous session. As per analysts, investors were optimistic about a favorable resolution regarding the new conditions established by the IMF.

Worldwide equity markets displayed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.53% to $78.51. While Brent crude oil price was down by 0.48% to $82.56. (As at 4:46 PM PST, Source: Investing.com).

The benchmark KSE 100 index inched up by 0.72% WoW. During the day, bulls drove the index to day’s high of 66,067.53 gaining 464.44 pts. The index settled higher by 190.67 pts at 65,793.76. The KMI 30 index surged by 294.77 pts ending the day at 111,328.44. While the KSE All share index went up by 207.61 pts closing the day at 43,677.11.

Investor participation appreciated from 353.96 mn shares in the last session to 480.94 mn shares. K-Electric Limited (KEL +2.99%), Cynergyico PK Limited (CNERGY +6.77%) and Kohinoor Spinning Mills Limited (KOSM +7.81%), topped the volume chart. The scrips had 59.08 mn shares, 51.47 mn shares and 45.95 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Investment Banking sector (+106.32 pts), Refinery sector (+39.28 pts) and Oil and Gas Marketing sector (+27.36 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH +102.61 pts), Engro Fertilizers Limited (EFERT +21.49 pts) and Pakistan Services Limited (PSEL +18.04 pts), added gains to the index.

The Oil and Gas Marketing sector gained 1.17% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +1.43%), Sui Southern Gas Company Limited (SSGC +1.27%) and Shell Pakistan Limited (SHELL +7.50%), all closed in green.

Values as at 05:12 PM