DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) commenced the new year with a robust performance. Indices accumulated gains throughout the day while volumes improved compared to previous session. As per analysts, authorities demonstrated a strong commitment to tackling circular debt setting a favorable tone for the beginning of 2024.

Global equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.61% to $71.33. While Brent crude oil price was down by 0.10% to $77.07. (As at 3:54 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index surged to day’s high of 64,718.88 gaining 2,267.84 pts (up by 3.63%). It ended the session higher by 2,210.74 pts at 64,661.78. The KMI 30 index also exhibited a strong performance by gaining 4,412.72 pts ending at 109,141.50. While the KSE All share index surged by 1,308.46 pts closing at 43,224.73.

Market volume grew from 590.28 mn shares in the previous session to 624.91 mn shares. Highest volumes were witnessed in K-Electric Limited (KEL +3.42%), Worldcall Telecom Limited (WTL +11.53%) and Cynergyico PK Limited (CNERGY +7.52%). The scrips had 76.43 mn shares, 61.55 mn shares and 54.95 mn shares traded, respectively.

Sectors propelling the benchmark KSE 100 index north included, Oil and Gas Exploration sector (+440.82 pts), Banking sector (+438.81 pts) and Technology and Communication sector (+220.91 pts). Company-wise, Pakistan Petroleum Limited (PPL +174.91 pts), Oil and Gas Development Company Limited (OGDC +165.03 pts) and Systems Limited (SYS +127.84 pts), were top points contributors.

The Refinery sector gained 5.42% in its cumulative market capitalization. Attock Refinery Limited (ATRL +3.91%), Cynergyico PK Limited (CNERGY +7.72%), National Refinery Limited (NRL +5.40%) and Pakistan Refinery Limited (PRL +7.50%), all closed positive.

Values as at 04:15