DAILY MARKET WRAP

The bulls of the Pakistan Stock Exchange (PSX) displayed vigorous momentum, driving the benchmark KSE 100 index past the 86,000 marks with an extraordinary intraday gain of over 700 points. The indices recorded gains from the outset. However, investor participation increased compared to the previous session.

Global equity markets displayed a downward trend. Crude oil prices moved south with WTI crude oil price falling by 0.39% to $73.28. While Brent crude oil price was down by 0.26% to $76.98. (As at 3:57 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially lost ground, reaching the day’s low of 85,444.31 with a decline of 219.67 pts. However, it recovered climbing to the day’s high of 86,451.43 gaining 787.45 pts and crossing 86,000 marks. The index ultimately closed in positive territory adding 5.30 pts to settle at 85,669.28. Meanwhile, the KMI 30 index down by 467.61 pts finishing the session at 129,822.19, while the KSE All Share index advanced by 131.21 pts closing at 54,616.55.

Total Volume grew from 501.36 mn shares in the last session to 595.73 mn shares. Among the volume leaders, K – Electric Limited (KEL +5.57%) led the market with 55.79 mn shares traded. The Hub Power Company Limited (HUBC +1.34%) followed with a trading volume of 39.67 mn shares. Pakistan Telecommunication Company Limited (PTC +9.54%) ranked next with a trading volume of 32.23 mn shares.

The sectors driving the rally were the Banking sector (+267.84 pts), Power Generation and Distribution sector (+85.06 pts) and Chemical sector (+49.46 pts). Companies that made positive contributions to the index included The MCB Bank Limited (MCB +98.36 pts), Lucky Core Industries Limited (LCI +50.82 pts) and Bank Al Habib Limited (BAHL +49.43 pts).

The Power Generation and Distribution sector gained 2.48% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +1.34%), K-Electric Limited (KEL +5.57%), Pakgen Power Limited (PKGP +0.06%) and Kot Addu Power Company Limited (KAPCO +3.45%), all closed positive.

Values as at 04:15