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DAILY MARKET WRAP
PSX Regains Momentum!
Bulls took charge of the Pakistan Stock Exchange (PSX) on Thursday. Indices accumulated gains all day long. Volumes fell from last close. Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.18% to $71.92. While Brent crude oil price was up by 0.05% to $76.69. (As at 4:04 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s central government’s debt rose by 23% on YoY basis to Rs 58,962 bn. Out of the total debt 63% debt was from domestic sources, while remaining 37% was from external sources.
Gaining 659.93 pts, the benchmark KSE 100 index reached day’s high of 44,212.77. The index settled higher by 626.01 pts at 44,178.85. The KMI 30 index surged by 1,230.61 pts closing at 75,783.84. While the KSE All share index settled at 29,532.20 with a gain of 333.62 pts.
Total traded volumes shrank from 342.61 mn shares in the previous session to 294.84 mn shares. Securing first position on the volume chart was Worldcall Telecom Limited (WTL +3.39%) with 28.84 mn shares exchanged. Followed by Pak Elektron Limited (PAEL +2.50%) and Pak Petroleum Limited (PPL +3.57%). The scrips had 16.17 mn shares and 14.12 mn shares traded, respectively.
Sectors driving the benchmark KSE 100 index north included, Banking sector (160.19 pts), Oil and Gas Exploration sector (120.42 pts) and Cement sector (78.86 pts). Companies that contributed positively to the index included, Engro Corporation Limited (ENGRO 66.01 pts), Lucky Cement Limited (LUCK 50.15 pts) and The Hub Power Company Limited (HUBC 44.84 pts).
The Automobile Assembler sector gained 2.89% in its cumulative market capitalization. Indus Motor Company Limited (INDU 1.07%), Millat Tractors Limited (MTL 4.37%), Atlas Honda Limited (ATLH 1.65%) and Sazgar Engineering Works Limited (SAZEW 0.35%), all closed positive.
Values as at 04:11 PM PST