DAILY MARKET WRAP

Bulls took charge of the Pakistan Stock Exchange (PSX) on Tuesday. Indices accumulated gains all day long, while volumes surged from last close. As per analysts, finance minister’s statement that staff-level agreement with IMF expected in few days improved investors’ confidence.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.05% to $76.62. While Brent crude oil price was down by 0.01% to $82.65. (As at 3:56 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 3.1767/USD (1.14%) against the US Dollar on DoD basis ending the session at PKR 282.2978/US$.

Gaining 289.15 pts, the benchmark KSE 100 index reached day’s high of 41,648.08. It settled higher by 226.61 pts at 41,585.54. The KMI 30 index gained 624.77 pts closing at 71,468.53. While the KSE All share index went up by 124.18 pts settling at 27,195.81.

Overall market volumes appreciated by 40.64% (162.85 mn shares in previous session) to 229.04 mn share, whereas value traded inched up from 6.33 bn Rupees in last session to 7.43 bn Rupees. Top contributors to the volume chart were Worldcal Telecom Limited (WTL +3.15%), Telecard Limited (TELE +11.70%) and Maple Leaf Cement Factory Limited (MLCF +3.51%). The scrips had 26.60 mn shares, 17.05 mn shares and 12.41 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Cement sector (88.73 pts), Power Generation and Distribution sector (49.16 pts) and Oil and Gas Exploration sector (44.27 pts). Company-wise, The Hub Power Company Limited (HUBC 48.78 pts), Cherat Cement Company Limited (CHCC 23.13 pts) and TRG Pakistan Limited (TRG 17.42 pts), were top positive contributors.

The Power Generation & Distribution sector gained 2.07% in its cumulative market capitalization. Hub Power Company Limited (HUBC 2.55%), K-Electric Limited (KEL 1.46%), Saif Power Limited (SPWL 0.10%) and Lalpir Power Limited (LPL 1.03%), all closed in green.

Values as at 04:11 PM PST