DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) made a comeback on Thursday. Indices started out negative then drove in reverse direction, while volumes depreciated from last close. Equity markets around the globe showed mixed trend, crude oil prices moved north with WTI crude oil price rising by 0.72% to $78.25. While Brent crude oil price was up by 0.66% to $84.87. (As at 3:51 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), exports contracted by 18.67% YoY, while imports fell by 31.51% in the same period. As a result, trade deficit declined by 43.56% to US$ 1,704 mn.

Moreover, as per latest data released by the State Bank of Pakistan (SBP), the Pakistani Rupee lost PKR 18.9780/USD (7.13%) against the US Dollar on DoD basis ending the session at PKR 285.0895/US$.

During the day, the index oscillated between intraday low of 40,353.46 (down by 59.31 pts) and high of 40,852.97 (up by 440.20 pts). The index settled higher by 258.11 pts at 40,670.88. The KMI 30 index surged by 817.24 pts closing at 69,176.58. While the KSE All share index settled at 26,707.31with a gain of 67.59 pts.

Overall market volumes declined from 167.35 mn shares in the previous session to 151.73 mn shares. Worldcall Telecom Limited (WTL -3.05%) continued to remain the volume leader for the fourth consecutive session this week with 12.43 mn shares traded. Followed by The Hub Power Company Limited (HUBC +2.21%) and Maple Leaf Cement Factory limited (MLCF -1.69%). The scrips had 11.21 mn shares and 7.56 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (143.55 pts), Banking sector (125.47 pts) and Fertilizer sector (91.11 pts). Companies that contributed positive to the index included, Pakistan Oilfields Limited (POL 83.61). Engro Fertilizers Limited (EFERT 50.49 pts) and United Bank Limited (UBL 43.34 pts).

The Oil & Gas Exploration Companies sector gained 2.90% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC 1.47%), Mari Petroleum Company Limited (MARI 2.05%) and Pak Petroleum Limited (PPL 1.73%), all closed positive.

Values as at 04:07 PM PST