DAILY MARKET WRAP

PSX Closes Week in Green!

The Pakistan Stock Exchange (PSX) extended its upward trajectory, closing Friday’s session in positive territory. The indices maintained their momentum in the green from the outset, despite a decline in trading volume compared to the prior session.

Source: stockintel.com

Global equity markets exhibited a mixed performance. Crude oil prices edged higher, with WTI crude rising by 0.49% to $75.11, and Brent crude increasing by 0.50% to $78.79. (As at 4:59 PM PST, Source: Investing.com).

The benchmark KSE-100 index posted a gain of 0.85% WoW. During the session, it surged by 1,741.27 pts to reach an intraday high of 115,779.06 before closing at 114,880.49 marking a rise of 842.70 pts. The KMI-30 index advanced by 825.22 pts to settle at 174,312.08, while the KSE All Share Index climbed by 247.40 pts ending the day at 70,922.96.

Trading activity experienced a contraction with volumes declining from 674.65 mn shares in the previous session to 631.42 mn shares. Leading the volume chart were Cynergyico PK Limited (CNERGY), Sui Southern Gas Company Limited (SSGC), and Worldcall Telecom Limited (WTL), which recorded trade volumes of 61.45 mn, 57.68 mn and 33.77 mn shares, respectively. KEL posted decline of 2.77%, while SSGC and WTL saw an increase of 9.53% and 0.00%.

The session’s gains were driven by robust performance in the Fertilizer sector (+472.98 pts), the Banking sector (+198.77 pts) and the Technology and Communication sector (+125.38 pts). On a company basis, Fauji Fertilizer Company Limited (FFC, +396.10 pts), Engro Holdings Limited (ENGROH, +115.24 pts) and Systems Limited (SYS, +86.49 pts) emerged as the top contributors to the KSE-100 Index’s rise.

The Technology and Communication sector gained 1.89% in its cumulative market capitalization. Systems Limited (SYS +2.69%), Airlink Communication Limited (AIRLINK +3.72%), TRG Pakistan Limited (TRG +0.78%) and Avanceon Limited (AVN +3.89%), all closed in green.

Values as at 05:15