DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) bounced back on Monday buoyed by expectations of a decrease in the policy rate later today. Indices trades in green form the word go! While volume grew compared to previous session.

Worldwide equity markets showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.30% to $xx. While Brent crude oil price was down by 0.20% at $xx. (as at 4:43 PM PST, Source: Invetsing.com).

During the session, the benchmark KSE 100 index lost 13.21 pts reaching day’s low of 78,016.30. It then gained 1,026.48 pts and reached day’s high of 79,055.99. It closed the session higher by 798.23 pts at 78,827.74. The KMI 30 index appreciated by 495.47 pts to end the day at 124,930.86. While the KSE All share index settled at 50,098.56 with an addition of 494.58 pts.

Investor activity went up from 277.75 mn shares in the last session to 370.31 mn shares. Waves Home Appliances Limited (WAVESAPP -1.90%), Al Shaheer Corporation Limited (ASC -2.09%) and Deewan Farooque Motors Limited (DFML +4.68%), dominated the volume chart. The scrips had 27.93 mn shares, 15.55 mn shares and 14.27 mn shares traded, respectively.

Sectors contributing positively to the benchmark KSE 100 index included, Banking sector (+216.77 pts), Oil and Gas Exploration sector (+200.05 pts) and Fertilizer sector (+127.77 pts). Company-wise, United Bank Limited (UBL +122.14 pts), Fauji Fertilizer Company Limited (FFC +116.73 pts) and Pakistan Oilfields Limited (POL +104.36 pts), were top points contributors.

The Oil and Gas Exploration sector gained 2.10% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +2.83%), Pakistan Petroleum Limited (PPL +0.84%), Mari Petroleum Company Limited (MARI +0.05%) and Pakistan Oilfields Limited (POL +4.62%), all closed in green.

Values as at 04:12 PM