DAILY MARKET WRAP

October 08, 2024

Upward Trend Continues at PSX!

The Pakistan Stock Exchange (PSX) sustained its upward trajectory on Tuesday, recovering from initial fluctuations to conclude the session in positive territory. Despite declining investor participation compared to the prior session, the market demonstrated resilience and regained strength as the day progressed.

Global equity markets exhibited mixed trends, and crude oil prices saw a decrease, with WTI crude oil falling by 1.91% to $75.67 and Brent crude oil down by 1.85% to $79.43 (As at 3:47 PM PST, Source: Investing.com).

The benchmark KSE 100 index recorded an intraday low of 84,897.99 during early trading hours reflecting a decline of 12.31 pts. Subsequently, bullish activity propelled the index to a day's high of 85,824.27 representing an increase of 913.98 pts. Ultimately, the index closed with a gain of 753.68 pts settling at 85,663.98. The KMI 30 index experienced an increase of 421.00 pts concluding at 130,289.80. The KSE All Share index rose by 463.29 pts finishing the session at 54,485.33.

Investor activity witnessed a decrease from 549.14 mn shares in the preceding session to 501.36 mn shares. Hub Power Company Limited (HUBC -8.04%), Pakistan Petroleum Limited (PPL +1.13%) and Pakistan Refinery Limited (PRL +2.90%) witnessed highest volumes. The scrips had 45.85 mn shares, 21.54 mn shares and 21.35 mn shares traded, respectively.

The sectors contributing to the uplift of the benchmark KSE 100 index included the Banking sector (+515.87 pts), the Fertilizer sector (+260.53 pts) and the Oil and Gas Exploration Companies sector (+140.66 pts). Among individual companies, Bank AL Habib Limited (BAHL +165.08 pts), Habib Bank Limited (HBL +162.19 pts) and Engro Fertilizers Limited (EFERT +143.63 pts) emerged as the primary contributors to the session’s gains.

The Banking sector gained 1.75% in its cumulative market capitalization. Meezan Bank Limited (MEBL +0.77%), MCB Bank Limited (MCB +0.96%), Standard Chartered Bank (Pak) Limited (SCBPL +0.02%) and Habib Bank Limited (HBL +6.70%) led the index north.

Values as at 04:15