DAILY MARKET WRAP

Positive sentiments prevailed at the Pakistan Stock Exchange (PSX) on Monday. Indices traded in green for most part of the day while volume dropped compared to previous session. As per analysts, investor optimism surged, driven by expectations that the approval of the new budget would facilitate the disbursement of an IMF loan.

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.45% to $81.91. While Brent crude oil was up by 0.48% to $85.41. (As at 3:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially slipped to day’s low of 78,427.80 losing 17.16 pts before jumping to day’s high of 79,536.23 with an addition of 1,091.26 pts. The index closed the session higher by 379.37 pts at 78,824.33. The KMI 30 index appreciated by 297.32 pts concluding the day at 126,721.59. While the KSE All share index grew by 318.84 pts to end the day at 50,002.59.

Investor activity dropped from 346.92 mn shares the in the last session to 304.36 mn shares. Highest volumes were witnessed in Pakistan Telecommunication Company Limited (PTC +5.33%), Worldcall Telecom Limited (WTL -0.79%) and Faysal Bank Limited (FABL +3.87%). The scrips had 30.21 mn shares, 17.35 mn shares and 13.62 mn shares traded, respectively.

Sectors that added gains to the benchmark KSE 100 index included, Banking sector (+218.42 pts), Fertilizer sector (+67.01 pts) and Oil and Gas Exploration sector (+61.68 pts). Company-wise, Pakistan Petroleum Limited (PPL +79.54 pts), Engro Fertilizers Limited (EFERT +74.03 pts) and United Bank Limited (UBL +44.43 pts), were top points contributors.

The Banking sector gained 1.05% in its cumulative market capitalization. Standard Chartered Bank (Pak) Limited (SCBPL +9.00%), United Bank Limited (UBL +0.89%) MCB Bank Limited (MCB +0.89%), and Habib Bank Limited (HBL +0.74%), all closed in green.

Values as at 04:13 PM