DAILY MARKET WRAP

Winning Streak Continues – KSE 100 Crosses 98,000!

Kicking off the week on a historic note, the Pakistan Stock Exchange (PSX) reached a significant milestone as the benchmark KSE-100 index surged past the 98,000 mark. After a shaky start with early losses, the indices rebounded strongly, finishing the session in positive territory and signalling renewed investor confidence.

Worldwide equity markets exhibited mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.46% to $70.91. While Brent crude oil price was down by 0.51% to $74.25. (As at 3:43 PM PST, Source: Investing.com).

The KSE-100 index faced a turbulent session initially plunging by 660.60 pts to hit the day’s low of 97,137.64. However, it rebounded strongly climbing to an intraday high of 99,317.48 with a gain of 1,519.24 pts before ultimately closing higher by 281.55 pts at 98,079.78. In contrast, the KMI-30 index ended the session in negative territory declining by 29.11 pts to settle at 146,163.30. The KSE All Share Index appreciated by 75.46 pts to close at 62,171.83.

Market participation showed a noticeable decline with volumes decreasing from 1.25 bn shares in the previous session to 639.80 mn shares. Leading the volume chart were Hascol Petroleum Limited (HASCOL, +9.97%), Cnergyico PK Limited (CNERGY, +4.90%), and Fauji Foods Limited (FFL, +4.43%), recording trades of 64.82 mn, 48.07 mn and 40.92 mn shares, respectively.

Sector-wise, the Banking sector led the rally contributing 616.55 pts to the KSE-100 index, followed by the Technology and Communication sector (+66.45 pts) and the Oil & Gas Marketing sector (+44.72 pts). On the company level, Bank Al Habib Limited (BAHL) was the top contributor, adding 198.72 pts, while United Bank Limited (UBL) and Meezan Bank Limited (MEBL) chipped in with gains of 163.52 pts and 86.25 pts, respectively.

The Technology and Communication sector gained 1.85% in its cumulative market capitalization. Systems Limited (SYS +1.99%), Pakistan Telecommunication Company Limited (PTC +1.77%), Air Link Communication Limited (AIRLINK +1.67%) and Avanceon Limited (AVN +2.61%) all closed in green.

Values as at 04:15