DAILY MARKET WRAP

Bullish sentiments prevailed at the Pakistan Stock Exchange on first trading session of the week. . Indices accumulated gains all day long, whereas volumes surged from last close. Crude oil prices move north with WTI crude oil price rising by 0.55% to $73.79. While Brent crude oil price was up by 0.86% to $80.63. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data published by All Pakistan Cement Manufacturers Association (APCMA), domestic cement sales inched up by 5.22% on YoY basis while exports contracted by 24.13% from SPLY. On MoM basis, domestic cement sales were down by 2.42% while exports were up by 103.90%.

Moreover, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.2784/US$ (0.46%) against the US Dollar on DoD basis ending the session at PKR 275.2971/US$.

Accumulating 831.13 pts the benchmark KSE 100 index recorded intraday high of 41,302.29. It ended higher by 719.61 pts at 41,190.77. The KMI 30 index gathered 1,813.36 pts closing at 71,161.72. While the KSE All Share index inched up by 448.95 pts settling at 27,422.81.

Overall market volumes rose from 104.64 mn shares in last session to 176.37 mn shares. Highest participation was witnessed in Pak Petroleum Limited (PPL 7.50%), Sui Northern Gas Pipe line Limited (SNGP 7.49%) and Oil and Gas Development Company Limited (OGDC 7.49%). The scrips had 21.83 mn shares, 13.44 mn shares and 10.55 mn shares traded, respectively. Out of the total shares traded, 200 advanced, 111 declined while 236 remained unchanged.

Sectors driving the benchmark KSE 100 index north included Oil & Gas Exploration sector (327.80 pts), Oil & Gas Marketing sector (73.97 pts) and Banking sector (68.94 pts). Company-wise, Oil and Gas Development Company Limited (OGDC 109.72 pts), Petroleum Limited (PPL 98.58 pts), and Pakistan Oilfields Limited (POL 88.37 pts) were top point contributors.

The Oil and Gas Exploration gained 6.25% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 7.49%), Mari Petroleum Company Limited (MARI 3.03%), Pakistan Petroleum Limited (PPL 7.50%) and Pakistan Oilfields Limited (POL 6.15%), all closed in green.

Values as at 04:12 PM PST