DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to thrive for the fourth consecutive session this week, inching closer towards the psychological 53,000 barrier. Indices traded in green for most part of the day while volumes shrank compared to last session.

Equity markets around the globe showed positive trend. Crude oil prices appreciated with WTI crude oil prices rising by 1.34% to $81.52. While Brent crude oil price was up by 1.23% to $85.67. (As at 3:54 PM PST, Source: Investing.com).

Losing 103.05 pts, the benchmark KSE 100 index dropped to day’s low of 52,239.59. It then gained momentum reaching day’s high of 52,706.01 with an addition of 363.37 pts. The index settled higher by 314.12 pts at 52,656.76. The KMI 30 index gained 502.88 pts ending at 89,331.66. While the KSE All share index appreciated by 242.13 pts closing at 35,061.51.

Overall market volume contracted from 523.67 mn shares in the previous session to 473.78 mn shares. Worldcall Telecom Limited (WTL +2.34%) made its way to the top of the volume chart with 39.17 mn shares traded. Followed by TPL Properties Limited (TPLP +8.26%) and Pakistan Refinery Limited (PRL +0.00%). The scrips had 30.39 mn shares and 25.93 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Cement sector (+103.97 pts), Fertilizer sector (+65.96 pts) and Power Generation and Distribution sector (+51.67 pts). Company-wise, The Lucky Cement Limited (LUCK +53.39 pts), The Hub Power Company Limited (HUBC +52.51 pts) and Interloop Limited (ILP +33.53 pts), were top points contributors.

The Power Generation and Distribution sector gained 1.33% I its cumulative market capitalization. The Hub Power Company Limited (HUBC +1.73%), Kot Addu Power Company Limited (KAPCO +0.61%) Pakgen Power Limited (AVN +0.71%) and Nishat Chunain Power Limited (NCPL +0.69%) all closed in green

Values as at 04:15 PM PST