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DAILY MARKET WRAP
Bulls Dominate PSX – KSE 100 Crosses 47,000 Mark!
The Pakistan Stock Exchange (PSX) extended its winning streak on last trading session before the Ashura holidays. Indices traded in green for most part of the day with the benchmark KSE 100 index settling above the 47,000 mark. Volumes appreciated from the last close. Analysts attributed the bullish run to the news of loan rollover from China’s EXIM Bank, and corporate earnings.
Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price rising by 0.91% to $79.53. While Brent crude oil price was up by 0.65% to $83.13. (As at 4:06 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 0.5866/US$ (0.20%) against the US Dollar on DoD basis ending the session at PKR 286.4521/US$.
The benchmark KSE 100 index gained 2.52% on WoW. The benchmark KSE 100 index was on a roll as it flew to day’s high of 47,393.47 gaining 710.95 pts. It settled higher by 394.47 pts at 47,077.00. The KMI 30 index surged by 667.72 pts ending at 78,526.22. While the KSE All share index gained 255.28 pts closing the session at 31,441.13.
Market volumes rose from 426.17 mn shares in the previous session to 453.75 mn shares. Worldcall Telecom Limited (WTL -1.42%), K-Electric Limited (KEL +0.00%) and Oil and Gas Development Company Limited (OGDC +5.72%) dominated the volume chart. The scrips had 40.14 mn shares, 30.12 mn shares and 28.45 mn shares exchanged, respectively.
Sectors lifting the benchmark KSE 100 index higher included, Banking sector (199.91 pts), Oil and Gas Exploration sector (151.23 pts) and Power Generation and Distribution sector (77.63 pts). Company-wise, Habib Bank Limited (HBL 101.56 pts), Oil and Gas Development Company Limited (OGDC 78.56 pts), The Hub Power Company Limited (HUBC 76.51 pts), were top points contributors.
The Oil and Gas Marketing sector gained 3.14% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 5.13%), Attock Petroleum Limited (APL 0.19%), Sui Northern Gas Pipelines Limited (SNGP 2.36%) and Shell Pakistan Limited (SHEL 1.38%) all ended in green.
Values as at 04:11 PM PST