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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 swung between both zones, while market volumes inched up from previous close. Equity markets around the world showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.18% to $78.88. While Brent crude oil price was up by 0.18% to $82.62. (As at 4:06 PM PST, Source: investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 0.5977/USD (0.21%) against the US Dollar on DoD basis ending the session at PKR 288.5204/US$.
During the day, the benchmark KSE 100 index slid by 35.18 pts recording day’s low of 46,019.63. Gaining momentum, it then reached day’s high of 46,540.88 (up by 486.06 pts). It settled higher by 362.53 pts closing at 46,417.34. The KMI 30 index went up by 336.18 pts settling at 77,431.32. While the KSE All share index closed at 31,054.08 with a gain of 206.47 pts.
Overall market volumes grew from 298.61 mn shares in the previous session to 319.47 mn shares. Leading the volume chart with 41.96 mn shares was Worldcall Telecom Limited (WTL +0.00%). Followed by Fauji Foods Limited (FFL +4.59%) and K-Electric Limited (KEL -0.93%). The scrips had 26.00 mn shares and 15.65 mn shares traded, respectively.
Sectors contributing positively to the benchmark KSE 100 index included, Banking sector (186.02 pts), Oil and Gas Exploration sector (59.09 pts) and Technology and Communication sector (32.09 pts). Company-wise, Habib Bank Limited (HBL 116.25 pts), Oil and Gas Development Company Limited (OGDC 36.03 pts) and Systems Limited (SYS 25.16 pts), were top positive contributors.
The Technology & Communication sector gained 0.85% in its cumulative market capitalization. Systems Limited (SYS 0.71%), TRG Pakistan Limited (TRG 0.43%), NetSol Technologies Limited (NETSOL 1.34%) and Telecard Limited (TELE 1.38%), all closed in green.
Values as at 04:14 PM PST