DAILY MARKET WRAP

Bulls took control of the Pakistan Stock Exchange (PSX) on Wednesday. Indices traded in green all day long while volume grew compared to previous session. As per analysts, the market experienced an upward trend due to political clarity, coupled with strong performance of listed companies during the result season.

Worldwide equity markets displayed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.10% to $78.00. While Brent crude oil price was down by 1.04% to $81.80. (As at 3:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially dipped to day’s low of 63,042.15 losing 176.95 pts. It then continued to gain momentum till it reached day’s high of 63,929.58 rising by 710.48 pts. The index settled higher by 484.35 pts at 63,703.45. The KMI 30 index appreciated by 1,267.05 pts ending the session at 106,879.31. While the KSE All share index surged by 260.00 pt closing the day at 42,453.08.

Market volume appreciated from 409.87 mn shares in the last session to 461.25 mn shares. Highest participation was witnessed in Cynergyico PK Limited (CNERGY +8.40%), K-Electric Limited (KEL +5.97%) and Hascol Petroleum Limited (HASCOL +9.47%). The scrips had 62.18 mn shares, 45.49 mn shares and 30.49 mn shares exchanged, respectively.

Sectors lifting the benchmark KSE 100 index higher included Fertilizer sector (+191.49 pts) and Cement sector (+159.27 pts) and Oil and Gas Exploration sector (+90.14 pts). Company-wise, Fauji Fertilizer Company Limited (FFC +93.21 pts), Engro Fertilizers Limited (EFERT +69.19 pts) and Lucky Cement Limited (LUCK +66.03 pts), were top points contributors.

The Refinery sector gained 4.00% in its cumulative market capitalization. Attock Refinery Limited (ATRL +3.28%), Cynergyico PK Limited (CNERGY +8.40%), National Refinery Limited (NRL +0.88%) and Pakistan Refinery Limited (PRL +2.55%), all closed in green.

Values as at 04:15 PM