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DAILY MARKET WRAP
Positive Trend Continues at PSX!
Continuing with the positive trend for the third consecutive session, the Pakistan Stock Exchange (PSX) once again closed in green. Indices traded in the green for most part of the day while volumes contracted from the previous close. As per analysts, investors remained confident that the International Monetary Fund's Executive Board approved the stand-by arrangement of $3 billion for Pakistan today.
Equity markets around the world showed a positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.16% to $74.95. While Brent crude oil price was up by 0.05% to $79.44. (As at 3:47 PM PST, Source: investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.0889/US$ (0.39%) against the US Dollar on DoD basis ending the session at PKR 277.4786/US$.
Gaining 426.51 the benchmark KSE 100 index recorded intraday high of 45,582.31. It settled higher by 359.16 pts at 45,514.95. The KMI 30 index went up by 758.80 pts closing at 77,521.59. While the KSE All Share index appreciated by 238.51 pts settling at 30,449.76.
Overall market volumes depreciated from 549.41 mn shares in last session to 447.74 mn shares. Leading the volume chart with 49.76 mn shares traded was Worldcall Telecom Limited (WTL +2.38%). Followed by Unity Foods Limited (UNITY +3.73%) and Pakistan International Bulk Terminal Limited (PIBTL +4.74%). The scrips had 20.33 mn shares and 18.19 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index north included, Banking sector (183.06 pts), Power Generation and Distribution sector (71.34 pts) and Oil and Gas Exploration sector (61.37 pts). Company-wise, Meezan Bank Limited (MEBL 86.25 pts), The Hub Power Company Limited (HUBC 66.61 pts) and Colgate-Palmolive (Pakistan) Limited (COLG 50.26 pts) were top points contributors.
The Banking sector gained 2.11% in its cumulative market capitalization. Meezan Bank Limited (MEBL 6.66%), United Bank Limited (UBL 0.29%), Habib Bank Limited (HBL 1.39%) and MCB Bank Limited (MCB 2.74%) all closed in green.
Values as at 04:13 PM PST