DAILY MARKET WRAP

Bulls Dominate PSX – KSE 100 Crosses 110,000 Mark!

The Pakistan Stock Exchange (PSX) concluded the session on a high note rebounding from the losses experienced earlier in the week. Indices maintained upward momentum throughout the trading day with the benchmark KSE-100 index surpassing the 110,000-point or gain near 2,000 pts in a single session for the first time.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.90% to $69.21. While Brent crude oil price was up by 0.83% to $72.79. (As at 3:59 PM PST, Source: Investing.com).

Bullish momentum dominated the session propelling the KSE 100 Index to an intraday high of 111,012.02 reflecting an increase of 2,115.37 pts. The index ultimately settled 1,913.57 pts higher at 110,810.22. Similarly, the KMI 30 Index climbed 3,685.74 pts to close at 172,379.63, while the KSE All-Share Index advanced 1,288.81 pts ending at 70,196.05.

Market activity showed a decline in total volumes which fell to 1.08 bn shares from 1.54 bn shares in the prior session. K-Electric Limited (KEL +8.29%), Worldcall Telecom Limited (WTL -0.60%) and Fauji Foods Limited (FFL +8.76%) witnessed highest market volumes. The scrips had 135.92 mn shares, 73.53 mn shares and 57.12 mn shares exchanged, respectively.

Sector-wise, the rally was driven by gains in Oil and Gas Exploration (+807.15 pts), Banking (+248.63 pts) and Oil and Gas Marketing (+193.77 pts). On the corporate front, Mari Petroleum Company Limited (MARI) contributed 293.29 pts to the KSE-100 Index, followed by Pakistan Petroleum Limited (PPL) with 246.86 pts and Oil & Gas Development Company Limited (OGDC) with 233.09 pts.

The Oil and Gas Marketing sector gained 5.29% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +3.78%), Attock Petroleum Limited (APL +2.34%), Sui Northern Gas Pipelines Limited (SNGP +8.55%) and Shell Pakistan Limited (SHEL +10.00%) all ended in positive territory.

Values as at 04:15