DAILY MARKET WRAP

Bulls Unlock New Milestone – KSE 100 Crosses 95,000!

The Pakistan Stock Exchange (PSX) experienced a remarkable trading session on Tuesday, as the benchmark KSE-100 Index surpassed the highly anticipated 95,000 mark, achieving new milestones. Investor sentiment remained buoyant throughout the day, with indices maintaining positive momentum and trading activity showing a notable uptick compared to the prior session.

Global equity markets exhibited a mixed trend, while crude oil prices experienced a decline. WTI crude fell by 0.52% to $68.81, and Brent crude dropped by 0.41% to $73.00. (As of 3:59 PM PST, Source: Investing.com).

The KSE-100 Index reached an intraday high of 96,036.49 gaining 1,040.82 pts or 1.10%. It concluded the session with an impressive increase of 861.00 pts closing at 95,856.67. Similarly, the KMI-30 Index rose by 1,176.00 pts to close at 145,806.38, while the KSE All-Share Index advanced by 494.56 pts to settle at 61,205.64.

Market volumes expanded significantly, climbing from 764.91 mn shares in the previous session to 830.27 mn shares. Leading the volume charts were Hascol Petroleum Limited (HASCOL, +10.82%), K-Electric Limited (KEL, +1.35%) and Cnergyico PK Limited (CNERGY, +2.88%), with trades of 60.06 mn, 44.49 mn and 42.30 mn shares, respectively.

The rally in the benchmark index was primarily driven by the Technology and Communication sector (+287.17 pts), the pharmaceuticals sector (+149.20 pts) and the Banking sector (+146.41 pts). Key contributors to the positive momentum included Systems Limited (SYS) which added 248.86 pts, United Bank Limited (UBL) contributed 95.05 pts and Abbott Laboratories (Pakistan) Limited (ABOT) which boosted the index by 48.25 pts.

The Technology and Communication sector gained 5.12% in its cumulative market capitalization. Systems Limited (SYS +8.61%), Pakistan Telecommunication Company Limited (PTC +8.03%), Air Link Communication Limited (AIRLINK +1.82%) and TRG Pakistan Limited (TRG +0.50%), all closed in green.

Values as at 04:15