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DAILY MARKET WRAP
Stocks Extend Rally!
Carrying forward gains made in the previous session, the Pakistan Stock Exchange (PSX) ended the session on Tuesday in green. Indices accumulated gains all day long while volumes surged from last close. Analysts attributed the positive trend to the receipt of $2 billion from Saudi Arabia.
Equity markets around the world showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.48% to $73.34. While Brent crude oil price was up by 0.42% to $78.02. (As at 4:05 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.2370/US$ (0.44%) against the US Dollar on DoD basis ending the session at PKR 278.5675/US$.
Clenching 665.36 pts, the benchmark KSE 100 jumped to day’s high of 45,250.49. It settled higher by 570.67 pts closing at 45,155.80. The KMI 30 index gathered 857.90 pts settling at 76,762.78. While the KSE All share index surged by 390.08 pts to end at 30,211.25.
Overall market volumes appreciated from 439.14 mn shares in the previous session to 548.96 mn shares. Total traded value inched up from Rs.12.08 bn on Monday to Rs.15.42. Highest participation was witnessed in Worldcall Telecom Limited (WTL +0.79%) with 35.07 mn shares traded. Followed by Pakistan Refinery Limited (PRL +3.50%) and Fauji Foods Limited (FFL +6.79%). The scrips had 31.40 mn shares and 23.19 mn shares traded, respectively.
Sectors lifting the benchmark KSE 100 index higher included, Banking sector (194.57 pts), Cement sector (93.76 pts) and Oil and Gas Exploration sector (81.66 pts). Company-wise, Meezan Bank Limited (MEBL 67.49 pts), Bank Al Habib Limited (BAHL 55.65 pts) and Pakistan Petroleum Limited (PPL 37.78 pts), drove the index north.
The Cement sector gained 2.57% in its cumulative market capitalization. Lucky Cement Limited (LUCK 2.10%), Bestway Cement Limited (BWCL 1.33%), Fauji Cement Company Limited (FFCL 4.45%) and Maple Leaf Cement Factory Limited (MLCF 3.03%), all closed positive.
Values as at 04:12 PM PST