Daily Stock Report: Market Finally Gains Some Positive Momentum

Pakistan Stock exchange witnessed bullish trend in the opening day of the week. The benchmark KSE-100 index gained 944.61, or 2.37% per cent, by the close of the trading session to reach 40,791.39 points.

The KSE 100 index opened positive and went to gain 967+ during the intraday after the meeting of Prime Minister Shahid Khaqan Abbasi with the brokers on Saturday.

Overall, more than 50+ companies hit the upper cap during the intra-day today. The market sentiments were overall positive today.  Still foreign buying is coming in the market. Last week, foreigners were net buyers of US$38.9 million which is the highest weekly buying in the last couple of years.

Oil markets opened up strong into the new week, with Brent crude up by one percent as concerns over renewed US sanctions against Iran drove prices up. A falling US rig count also supported prices there. U.S. West Texas Intermediate (WTI) crude futures were trading at $52.16 per barrel, up 72 cents, or 1.38 percent.

Furthermore, OPEC has been vowing to cut back on its production to end the glut in the international oil markets. But members have been non-compliant as Saudi struggles to keep everyone in line. But with distressed Kurdistan and Iranian sanction, the oil markets will expectedly witness a significant rebound in oil prices.

Oil sector, Fertilizer, Cement and Steel were up today. These were one of the main factors of the gain today.

Top Gainers of the market were OGDC, ENGRO, POL, PPL and PSO.

All shares index had a traded volume of 124 million shares Overall, stocks of 359 companies were traded on the exchange, of which 263 gained in value, 82 declined and 14 remained unchanged. In KSE 100, just 55.27 million shares were traded with a net worth of just Rs 4.97 billion.

Still most of the public seems to have been distant from the market as their confidence was shaken amidst the political drama.

Top traded sectors:

Chakwal Spinning was the volume leader with 10.97 million shares losing Rs 1.00 to close at  Rs 5.30. It was followed by Aisha Steel Mill the volume with a turnover of 6.65 million shares, gaining Rs 0.97 to close at Rs 17.16, TRG Pak Ltd with 5.55 million shares, gaining Rs 1.62 to close at Rs 34.12 and Bank of Punjab 5.02 million shares, gaining Rs 0.22 to close at Rs 8.67.

Top advancers of the market were:

Top decliners of the market were:

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