DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) went into overdrive, pushing the benchmark KSE 100 index beyond the 58,000 milestone with a remarkable intraday gain of more than a 1,000 points. Indices accumulated gains from the word go! Investor participation dropped by 41% compared to previous session. As per analysts, a notable decrease in the current account deficit paired with appreciation of the Pakistani Rupee against the US Dollar, led to an upward trend in the market.

Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.91% to $77.59. While Brent crude oil was down by 0.85% to $82.12. (As at 3:59 PM PST, Source: Investing.com).

Accumulating 1,034.33 pts, the benchmark KSE 100 index climbed to day’s high of 58,405.92. It settled higher by 827.17 pts ending at 58,198.76. The KMI 30 index appreciated by 1,649.17 pts closing at 99,311.45. While the KSE All share index was up by 566.31 pts ending at 39,075.47.

Overall market volume witnessed a decrease from 1.01 bn shares in the last session to 5.94 mn shares. Worldcall Telecom Limited (WTL -1.80%) continued to remain the volume leader with 50.35 mn shares. Followed by Fauji Fertilizer Bin Qasim Company Limited (FFBL +1.37%) and Fauji Foods Limited (FFBL +2.51%). The scrips had 23.28 mn shares and 20.18 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Banking sector (+246.60 pts), Oil and Gas Exploration sector (+145.60 pts) and Oil and Gas Marketing sector (+99.52 pts). Company-wise, Meezan Bank Limited (MEBL +89.37 pts) Bank Al Habib Limited (BAHL +70.99 pts) and Lucky Cement Limited (LUCK +70.86 pts), were top points contributors.

The Oil and Gas Exploration sector gained +1.93% in its overall market capitalization. Oil and Gas Exploration Limited (OGDC 2.16%), Pakistan Petroleum Limited (PPL +3.16%), Mari Petroleum Company Limited (MARI +1.74%) and Pakistan Oilfields Limited (POL +1.09%), all closed in green.

Values as at 04:16 PM PST