DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) witnessed remarkable performance on Wednesday, with the KSE-100 index surpassing the historic 87,000 level for the first time. Investor participation surged compared to the previous session. The market's momentum reflected strong confidence along with political stability.

Global equity markets showed a positive trend. Crude oil prices moved south, with WTI crude oil falling by 1.92% to $70.36 while Brent crude oil was down by 1.80% to $74.67. (As at 3:56 PM PST, Source: Investing.com).

The benchmark KSE-100 index experienced a slight decline, reaching a low of 86,284.25 and losing 182.32 pts. It then rebounded strongly climbing by 0.97% to gain 842.65 pts and hitting a high of 87,309.23. Ultimately, it closed the session up by 727.96 pts at 87,194.54. Meanwhile, the KMI 30 index rose by 778.34 pts finishing at 133,308.50, and the KSE All Share index increased by 327.54 pts ending the day at 56,079.68.

Investor engagement contracted from 721.93 mn shares in the prior session to 699.08 mn shares. The highest trading volumes were observed in K-Electric Limited (KEL +10.40%), Worldcall Telecom Limited (WTL +3.20%) and Pakistan International Bulk Terminal (PIBTL -11.57%). The scrips had 207.64 mn shares, 42.92 mn shares, and 33.97 mn shares traded, respectively.

The sectors propelling the benchmark KSE-100 index included the Fertilizer sector (+324.49 pts), Cement sector (+186.61 pts) and Power Generation and Distribution (+79.34 pts). At the company level, the leading contributors were Fauji Fertilizer Company Limited (FFC +301.12 pts), Habib Bank Limited (HBL +65.39 pts), and Kohat Cement Company Limited (KOHC +60.49 pts).

The Power Generation and Distribution sector gained 3.97% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +1.56%), K-Electric Limited (KEL +10.64%), Pakgen Power Limited (PKGP +1.58%) and Lalpir Power Limited (LPL +1.82%) all closed in positive territory.

Values as at 04:15