DAILY MARKET WRAP

Bulls made a comeback at the Pakistan Stock Exchange (PSX) on Tuesday. Indices accumulated gains all day long while volumes grew from previous close. As per analysts, the decision to increase policy rate upto 17% helped put investors at ease as the new rate was lower than estimated.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.06% to $81.67. While Brent crude oil was up by 0.03% to $88.22. (As at 3:51 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani rupee lost PKR 0.2500/USD (0.11%) against the US Dollar on DoD basis ending the session at PKR 230.4031/US$.

Gathering 648.11 pts, the benchmark KSE 100 index recorded intraday high of 39,091.70. It settled higher by 612.06 pts closing at 39,055.65. The KMI 30 index went up by 1,152.05 pts closing at 66,989.31. While the KSE All share index jumped up by 295.15 pts closing at 26,294.55.

Overall market volumes appreciated from 81.08 mn shares in the previous session to 179.05 mn shares. Whereas total traded value increased from Rs.2.81 bn on Monday to Rs.6.36 bn. Highest contributors to the volume chart were Pakistan Petroleum Limited (PPL +4.83%), Maple Leaf Cement Factory Limited (MLCF +4.86%) and Worldcall Telecom Limited (WTL +3.64%). The scrips had 13.16 mn shares, 12.49 mn shares and 11.86 mn shares traded, respectively. Out of the total scrips traded 221 advanced, 75 declined and 250 remained unchanged.

Sectors lifting the benchmark KSE 100 higher included, Oil and Gas Explorations sector, (98.31 pts), Fertilizer sector (88.73 pts) and Cement sector (81.71 pts). Company-wise, Pakistan Services Limited (PSEL 75.49 pts), Engro Corporation Limited (ENGRO 74.30 pts) and TRG Pakistan Limited (TRG 67.97 pts), were top points contributors.

The Cement sector gained 3.28% in its cumulative market capitalization. Lucky Cement Limited (LUCK 1.20%), Bestway Cement Limited (BWCL 0.03%), Kohat Cement Company Limited (KOHC 7.50%) and Fauji Cement Company limited (FCCL 2.70%), all closed positive.

Values as at 04:08 PM PST