DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) achieved remarkable success on the last trading session of the week, with the benchmark KSE 100 index reaching the historic 83,000 mark for the first time. The indices showed robust momentum, along with a rise in trading volume compared to the prior session.

Equity markets worldwide showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.34% to $74.70. While Brent crude oil price was up by 1.26% to $78.60. (As at 4:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 2.76% WoW. It initially dipped to a low of 82,594.80 losing 126.97 pts. However, it gained momentum and peaked at 83,605.73 rising by 883.96 pts. Ultimately, it closed higher by 810.19 pts at 83,531.96, surpassing 83,000 marks. Meanwhile, the KMI 30 index rose by 2,290.20 pts finishing the day at 129,017.32. The KSE All Share index also saw an increase of 488.15 pts closing at 53,053.82.

Investor participation ballooned from 319.73 mn shares in the previous session to 380.86 mn shares. Top leaders of the volume chart are Pace (Pakistan) Limited (PACE +16.27%), Pakistan Petroleum Limited (PPL +6.41%) and Kohinoor Spinning Mills Limited (KOSM +1.00%). The scrips had 59.29 mn shares, 21.64 mn shares and 19.49 mn shares traded, respectively.

The sectors propelling the benchmark KSE 100 index toward success included Oil and Gas Exploration Companies sector (+329.25 pts), the Banking sector (+195.85 pts) and the Cement sector (+130.78 pts). At the company level, significant contributions came from Pakistan Petroleum Limited (PPL +152.41 pts), Oil & Gas Development Company Limited (OGDC +113.58 pts) and Meezan Bank Limited (MEBL +89.00 pts), all of which helped push the index higher.

The Banking sector gained 1.04% in its cumulative market capitalization. Meezan Bank Limited (MEBL +2.70%), MCB Bank Limited (MCB +1.16%), Standard Chartered Bank (Pak) Limited (SCBPL +1.68%) and Habib Bank Limited (HBL +0.98%), all closed in green.

Values as at 05:15