DAILY MARKET WRAP

The bulls of the Pakistan Stock Exchange (PSX) captured investors’ attention once again with a significant milestone, propelling the benchmark KSE 100 index above the 89,000 mark on Thursday. The indices exhibited strong upward momentum from the outset, and investor participation increased compared to the previous session. As per the analyst, market movements are being influenced by anticipation of a policy rate decrease and yields on government securities.

Equity markets around the globe exhibited mixed trends. Crude oil prices moved in the opposite direction with WTI crude oil price falling by 1.12% to $71.56. While Brent crude oil was down by 1.09% to $75.78. (As at 3:56 PM PST, Source: Investing.com).

In intraday, the index soared to a peak of 89,126.16 marking an impressive increase of 1,931.62 pts (or 2.22%). By the end of the session, it closed up 1,751.45 pts at 88,945.99. Similarly, the KMI 30 index climbed by 1,739.67 pts finishing at 135,048.17. Meanwhile, the KSE All Share index advanced by 886.02 pts closing the week at 56,965.70.

Overall market volume ballooned from 699.08 mn shares in the last session to 756.99 mn shares. K – Electric Limited (KOSM +3.21%) led in trading volume for the third consecutive session with 113.20 mn shares exchanged, followed by Pakistan Telecommunication Company Ltd (PTC +6.21%) with 41.11 mn shares and Fauji Cement Company Limited (FCCL +3.73%) with 23.27 mn shares.

A variety of sectors significantly influenced the benchmark KSE 100 index, with the Fertilizer sector contributing +587.89 pts, the Banking sector adding +451.89 pts and the Cement sector providing +206.39 pts. In terms of individual company performance, Fauji Fertilizer Company Limited (FFC) emerged as the leading contributor with +386.88 pts, followed by United Bank Limited (UBL) with +247.38 pts and Oil and Gas Development Company Limited (OGDC) contributing +128.54 pts.

The Cement sector gained 2.89% in its cumulative market capitalization. Lucky Cement Limited (LUCK +3.06%), Bestway Cement Limited (BWCL +0.82%), Fauji Cement Company Limited (FCCL +3.73%) and Kohat Cement Company Limited (KOHC +4.36%) all closed in green.

Values as at 04:15