DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) maintained its positive momentum mid-week, with the benchmark KSE-100 index reaching a significant milestone by briefly surpassing the 82,000-point mark during intraday trading. The market remained green throughout the session, and trading activity saw a boost compared to the previous day. As per analysts, the less intense sell-off driven by the FTSE rebalancing prompted local investors to increase their share purchases.

Equity markets worldwide exhibited mixed trends. Meanwhile, crude oil prices increased, with WTI rising by 0.67% to $70.35 and Brent crude appreciating by 0.58% to $74.08. (As of 3:48 PM PST, source: Investing.com).

The KSE-100 index crossed the 82,000 threshold during intraday trading, hitting a high of 82,003.58 with a gain of 1,542.25 pts. By the end of the session, the index closed up by 997.95 pts landing at 81,459.29. Similarly, the KMI-30 index sharply rose climbing 1,423.49 pts to close at 129,896.97. The KSE All Share Index followed suit advancing by 334.77 pts to wrap up the day at 52,009.79.

Investor activity saw a notable rise from 396.42 mn shares in the previous session to 458.29 mn shares. The leading stocks in terms of volume were Kohinoor Spinning Mills Limited (KOSM -9.29%), K-Electric Limited (KEL -1.48%) and Worldcall Telecom Limited (WTL -2.21%). These stocks recorded trading volumes of 35.18 mn shares, 23.82 mn shares and 22.93 mn shares traded, respectively.

The rally was spearheaded by several key sectors, with the Fertilizer sector (460.99 pts), the Banking sector (375.31 pts) and the Oil and Gas Exploration sector (86.03 pts). Notable individual performers included Fauji Fertilizer Company Limited (FFC +217.48 pts), Engro Fertilizer Limited (EFERT +188.12 pts) and Meezan Bank Limited (MEBL +113.98 pts) led the index.

The Oil and Gas Exploration sector gained 1.48% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +2.38%), Mari Petroleum Company Limited (MARI +0.11%), Pakistan Petroleum Limited (PPL +2.00%), and Pakistan Oilfields Limited (POL +1.69%) all closed in green.

Values as at 04:15