DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) achieved another milestone on Monday as the benchmark KSE 100 index crossed 51,000-mark. Indices traded in green all day long while investor participation lowered compared to previous session. As per analysts, anticipation of a stable policy rate in the upcoming monetary policy meeting, boosted investors’ confidence.

Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.78% to $87.39. While Brent crude oil price was down by 0.60% to $91.61. (As at 3:59 PM PST, Source: Investing.com).

Accumulating 688.00 pts, the benchmark KSE 100 index jumped to day’s high of 51,419.87. It settled higher by 338.96 pts at 51,070.83. The KMI 30 index gathered 630.24 pts ending at 86,720.34. While the KSE All share index grew by 229.95 pts ending at 33,918.97.

Market volume depreciated from 429.37 mn shares in the last session to 363.33 mn shares. Oil and Gas Development Company Limited (OGDC +5.52%), Pakistan Petroleum Limited (PPL +3.22%) and Fauji Foods Limited (FFL +1.20%) led the volume chart. The scrips had 27.48 mn shares, 24.26 mn shares and 19.27 mn shares exchanged, respectively.

Sectors leading the rally included, Oil and Gas Exploration sector (+165.57 pts), Fertilizer sector (+80.06 pts) and Oil and Gas Marketing sector (+37.24 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +97.17 pts), Engro Fertilizers Limited (EFERT +49.61 pts) and Pakistan Petroleum Limited (PPL +49.02 pts), kept the benchmark KSE 100 index in the green zone.

The Oil and Gas Marketing sector gained +2.07% in its overall market capitalization. Pakistan State Oil Company Limited (PSO +2.31%), Shell Pakistan Limited (SHELL +0.13%), Sui Northern Gas Pipelines Limited (SNGP +4.21%) and Sui Southern Gas Company Limited (SSGC +2.51%), all closed positive.

Pakistan Stock Exchange Limited (PSX -0.48%) announced its financials for 1QFY24. It reported a profit of Rs 146.69 mn. Total income appreciated by 85.62% YoY. Share of profit from associates rose by 42.63% YoY. EPS improved from Rs 0.07 in SPLY to Rs 0.18.

Values as at 04:10 PM PST