DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to march North on Wednesday. Indices traded in green all day long while volume appreciated compared to previous session. As per analysts, bullish trend persisted as investors expected a positive outcome to the Special Investment Facilitation Council (SIFC) sessions.

Worldwide equity markets displayed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.11% to $74.45. While Brent crude oil price was up by 0.01% to $79.56. (As at 3:50 PM PST, Source: Investing.com).

Accumulating 608.86 pts, the benchmark KSE 100 index climbed to day’s high of 65,063.08. The index settled higher by 368.21 pts at 64,822.43. the KMI 30 index surged by 990.62 pts ending the day at 109,938.33. While the KSE All share index appreciated by 328.18 pts ending the session at 43,789.81.

Overall market volume rose from 425.60 mn shares in the last session to 479.76 mn shares. Toppers of the volume chart were, K-Electric Limited (KEL -0.73%), Hascol Petroleum Limited (HASCOL +11.85%) and Pakistan Petroleum Limited (PPL +0.81%). The scrips had 67.84 mn shares, 39.61 mn shares 34.48 mn shares traded, respectively.

Sectors painting the benchmark KSE 100 index in green included, Oil and Gas Exploration sector (+207.98 pts), Banking sector (+118.37 pts), and Cement sector (+73.83 pts). Company-wise, Oil and Gas Development Company Limited (OGDC +183.61 pts), Bank Al Habib Limited (BAHL +35.11 pts), and Bank Alfalah Limited (BAFL +28.45 pts), were top points contributors.

The Oil and Gas Exploration sector gained 2.31% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +5.79%), Pakistan Petroleum Limited (PPL +0.03%), Mari Petroleum Company Limited (MARI +0.46%) and Pakistan Oilfields Limited (POL 0.46%), all closed in green.

Values as at 04:14