DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed a duel between bears and bulls on last trading session of the year, with the bulls ultimately prevailing. Volumes fell compared to previous session. As per analysts, institutional activity fueled a robust upward movement in the market as the year-end approached, creating an overall bullish trend.

Global equity markets showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.25% to $71.95. While Brent crude oil price was up by 0.45% to $77.50. (As at 4:58 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 1.21% WoW. During the day, it swung between intraday low of 61,807.54 (losing 244.69 pts) and intraday high of 62,644.38 (gaining 592.15 pts). The index settled higher by 398.81 pts at 62,451.04. The KMI 30 index appreciated by 656.29 pts ending the session at 104,728.78. While the KSE All share index was up by 348.26 pts ending at 41,916.27.

Market volume contracted from 674.45 mn shares in the previous session to 590.28 mn shares. Volume leaders of the session were K-Electric Limited (KEL +10.50%), Fauji Foods Limited (FFL +2.39%) and Worldcall Telecom Limited (WTL -0.70%). The scrips had 141.79 mn shares, 28.27 mn shares and 27.87 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Oil and Gas Exploration sector (+132.85 pts), Fertilizer sector (+95.66 pts) and Cement sector (+82.48 pts). Company-wise, The Pakistan Petroleum Limited (PPL +91.38 pts), United Bank Limited (UBL +59.77 pts) and K-Electric Limited (KEL +54.99 pts), drove the index to victory.

The Oil and Gas Exploration sector gained 1.41% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +2.08%), Pakistan Petroleum Limited (PPL +3.59%) and Pakistan Oilfields Limited (POL +0.68%), all closed positive.

Values as at 05:12