DAILY MARKET WRAP

Optimistic sentiments continued to prevail the Pakistan Stock Exchange (PSX) on last trading session of the week. Indices traded in green for most part of the day while volume appreciated compared to previous session. Analysts attributed the upward trend to increasing clarity in political matters.

Worldwide equity markets displayed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 1.64% to $77.32. While Brent crude oil price was down by 1.51% to $82.41. (As at 4:55 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 4.92% WoW. During the day, the index initially slipped into the red zone recording day’s low of 61,849.67 losing 64.67 pts. It then continued to gain momentum till it reached day’s high of 62,945.37 gaining 1,031.03 pts. The index closed higher by 901.47 pts at 62,815.82. The KMI 30 index appreciated by 1,718.76 pts closing at 105,228.72. While the KSE All share index ended at 42,129.00 with an addition of 637.12 pts.

Market volume grew from 324.61 mn shares in the last session to 377.87 mn shares. Kohinoor Spinning Mills Limited (KOSM +27.86%), K-Electric Limited (KEL +4.52%) and Yousaf Weaving Mills Limited (YOUW +21.89%), dominated the volume charts. The scrips had 36.17 mn shares, 26.53 mn shares and 16.72 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Oil and Gas Exploration sector (+318.22 pts), Banking sector (+253.12 pts) and Fertilizer sector (+64.21 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +168.25pts), Pakistan Petroleum Limited (PPL +98.35 pts) and Meezan Bank Limited (MEBL +89.92 pts), were top points contributors.

The Oil and Gas Exploration sector gained 4.05% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +7.50%), Pakistan Petroleum Limited (PPL +4.59%), Mari Petroleum Company Limited (MARI +2.05%) and Pakistan Oilfields Limited (POL +0.63%), all closed in green.

Values as at 05:14 PM