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DAILY MARKET WRAP
Positivity Prevails at PSX!
Optimistic sentiments surrounded the Pakistan Stock Exchange (PSX) on Thursday. Indices accumulated gains for the most part of the day while volumes surged from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.57% to $75.72. While Brent crude oil price was up by 0.57% to $79.91 (As at 4:08 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 1.3465/USD (0.47%) against the US Dollar on DoD basis ending the session at PKR 285.1480/US$.
Shedding 27.16 pts, the benchmark KSE 100 index recorded intraday low of 45,067.96. It then gained momentum and crawled to day’s high of 45,451.65 (gaining 356.53 pts). The index settled higher by 303.20 pts at 45,398.31. The KMI 30 index went up by 905.52 pts closing at 76,634.11. While the KSE All share index appreciated by 65.84 pts ending the session at 30,418.18.
Overall market volumes appreciated from 243.36 mn shares in the previous session to 463.82 mn shares. Out of the total scrips traded, 33.89% belonged to KSE 100 scrips. Top contributors to the volume chart were Worldcal Telecom Limited (WTL +10.69%), The Bank of Punjab (BOP +4.79%) and K-Electric Limited (KEL +5.16%). The scrips had 185.18 mn shares, 19.50 mn shares and 15.83 mn shares traded, respectively.
Sectors lifting the benchmark KSE 100 index higher included, Oil and Gas Exploration sector (OGDC 98.72 pts), Baking sector (53.42 pts) and Cement sector (46.19 pts). Company-wise, United Bank Limited (UBL 51.78 pts), Pakistan Petroleum Limited (PPL 47.31 pts) and Oil and Gas Development Company Limited (OGDC 31.69 pts), were top positive contributors.
The Oil & Gas Marketing Companies sector gained 2.38% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO 2.10%), Sui Northern Gas Pipe line Limited (SNGP 1.77%), Shell Pakistan Limited (SHEL 7.50%) and Hi-Tech Lubricants Limited (HTL 3.29%), all closed in green.
Values as at 04:11 PM PST