DAILY MARKET WRAP

Bulls Regain Control of PSX!

The Pakistan Stock Exchange (PSX) concluded the day on a positive note on Thursday, marking a robust upward trajectory throughout the session. With significant trading volume, the market displayed resilience and investor confidence. The index remained within its intraday high, showcasing strong momentum in the latter part of the day and closing near its peak. This performance underscores an optimistic sentiment prevailing among market participants.

Source: stockintel.com

Equity markets around the globe showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.19% to $72.48. While Brent crude oil price was down by 0.19% to $75.47 (As at 3:59 PM PST, Source: Investing.com).

The KSE 100 Index surged to a day's high of 113,400.57 gaining 1,913.21 pts. By the session's end, the index closed at 113,206.40 marking an increase of 1,719.04 pts (1.54%). Meanwhile, the KMI 30 Index experienced significant growth climbing by 3,733.15 pts to close at 171,199.77 (up 2.23%). Similarly, the KSE All Share Index rose by 1,093.27 pts finishing at 70,112.13 reflecting a gain of 1.58%.

Overall, market volumes increased from 448.46 mn shares in the previous session to 483.59 mn shares. Sui Southern Gas Company Limited (SSGC +7.45%), Waves Home Appliances Limited (WAVESAPP +9.89%) and Bank Makramah Limited (BML +6.30%) secured top positions on the volume chart. The scrips traded 48.36 mn shares, 33.23 mn shares and 31.51 mn shares, respectively.

The KSE 100 Index received notable contributions from key sectors, including the Oil and Gas Exploration sector (+590.08 pts), the Banking sector (+318.29 pts) and the Cement sector (+150.60 pts). On an individual company basis, significant upward momentum was provided by Mari Energies Limited (MARI +426.02 pts), Bank Al Habib Limited (BAHL +193.94 pts) and Lucky Cement Limited (LUCK +107.05 pts).

The Cement sector gained 1.73% in its cumulative market capitalization. Lucky Cement Limited (LUCK +3.49%), Bestway Cement Limited (BWCL +0.67%), Fauji Cement Company Limited (FCCL +0.42%) and Kohat Cement Company Limited (KOHC +2.63%), all closed in green.

Values as at 04:15