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DAILY MARKET WRAP
Bulls Rule PSX!
Bulls painted the Pakistan Stock Exchange (PSX) in green on last trading session before the long weekend. Indices accumulated gains from the word go while volumes grew from last close. As per analysts, MSCI update with respect to the addition of Pakistani companies to its FM Index, led to a positive trend in the market.
Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.60% to $83.32. While Brent crude oil price was up by 0.60% to $86.92. (As at 4:40 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), total liquid foreign exchange reserves went down by US$ 125mn WoW. Net reserves with the State Bank fell by US$110 mn on weekly basis. While net reserves with banks declined by US$14 mn.
The benchmark KSE 100 index lost 0.33% WoW. Accumulating 1,090.48 pts, the index stretched to day’s high of 48,898.82. It settled higher by 616.06 pts at 48,424.40. The KMI 30 index jumped up by 769.88 pts ending at 81,324.70. While the KSE ALL share index grew by 387.95 pts closing at 32,137.84.
Overall market volume increased from 321.52 mn shares in the preceding session to 367.80 mn shares. Highest participation was witnessed in K-Electric Limited (KEL +2.37%), Oil and Gas Development Company Limited (OGDC 2.84%) and Lalpir Power Limited (LPL 7.49%). The scrips had 53.87 mn shares, 22.57 mn shares and 18.64 mn shares exchanged, respectively.
Sectors adding gains to the benchmark KSE 100 index included, Banking sector (246.23 pts), Oil and Gas Exploration sector (144.19 pts) and Fertilizer sector (103.29 pts). Company-wise, MCB Bank Limited (MCB 74.02 pts), Oil and Gas Development Company Limited (OGDC 52.43 pts) and Engro Corporation Limited (ENGRO 44.86 pts), led the index north.
The Oil and Gas Exploration sector gained 2.38% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 2.84%), Mari Petroleum Company Limited (MARI 1.74%), Pakistan Petroleum Limited (PPL 3.11%) and Pakistan Oilfields Limited (POL 1.76%), all ended in green.
Values as at 05:15 PM PST