DAILY MARKET WRAP

Bulls Bounce Back – KSE 100 Crosses 99,000-mark!

The Pakistan Stock Exchange (PSX) saw a remarkable turnaround midweek as bullish momentum propelled the KSE-100 Index beyond the 99,000 mark, gaining over 4,500 points in a single session. Investors exhibited renewed confidence, buoyed by the resolution of recent political unrest following the conclusion of PTI protests.

Equity markets worldwide showed mixed trends. Crude oil prices moved north with WTI crude oil price rising by 0.33% to $69.00. While Brent crude oil price was up by 0.26% to $72.51. (As at 3:39 PM PST, Source: Investing.com).

During the day, the KSE-100 index reached an intraday high of 99,549.81 posting a gain of 4,975.65 points or 5.26%. The session concluded with the index settling at 99,269.25 up by 4,695.09 pts. The KMI-30 index also registered a robust increase of 6,342.33 pts closing at 144,783.05. Similarly, the KSE All-Share Index rose by 2,607.02 pts to end the day at 62,391.49.

Market-wide trading volume fell from the previous session’s 1.11 bn shares to 1.05 bn shares. The Bank of Punjab (BOP) emerged as the volume leader, trading 114.97 mn shares with a gain of 14.60%. Following BOP, Hascol Petroleum Limited (HASCOL) and K-Electric Limited (KEL) traded 106.29 mn and 91.20 mn shares, respectively, with HASCOL declining -7.36% and KEL advancing 10.75%.

The rally was primarily driven by the Banking sector, which added 1,112.55 pts to the KSE-100 index. The Fertilizer and Oil and Gas Exploration sectors also made significant contributions adding 1,014.92 and 635.92 pts, respectively. Among individual companies, Fauji Fertilizer Company Limited (FFC) was the standout performer contributing 622.36 pts to the index. Habib Bank Limited (HBL) and Systems Limited (SYS) followed, adding 295.34 and 224.96 pts, respectively.

The Oil and Gas Exploration sector gained 5.10% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +4.88%), Mari Petroleum Company Limited (MARI +4.98%), Pakistan Petroleum Limited (PPL +6.24%) and Pakistan Oilfields Limited (POL +3.72%), all closed in green.

Values as at 04:15