DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) reached a new milestone as the benchmark KSE 100 index surpassed the intraday 92,000 mark on Monday, with indices consistently in positive territory throughout the day. Increased investor participation compared to the previous session contributed to this upward trend. Analysts noted that expectations of a potential reduction in the policy rate at the upcoming monetary policy meeting bolstered investor confidence.

In global markets, equity performance was mixed. Crude oil prices also rose, with WTI crude gaining 2.35% to reach $71.12, and Brent crude climbing 2.20% to $74.71 (as of 3:43 PM PST, Source: Investing.com).

The bullish sentiment sustained the benchmark KSE 100 index within the positive range, peaking at 92,159.08 pts an increase of 1,299.23 pts during the session. Ultimately, the index closed higher by 1,078.15 pts at 91,938.01. Additionally, the KMI 30 index experienced a rise of 3,157.45 pts concluding at 140,200.81, while the KSE All Share index grew by 536.08 pts to close at 58,408.14.

Market activity intensified as trading volume rose to 465.47 mn shares from 587.32 mn in the previous session. Power Cement Limited (POWER +15.77%) led the volume chart with 56.69 mn shares traded. It was followed by K-Electric Limited (KEL) and Maple Leaf Cement Factory Limited (MLCF) which saw share volumes of 38.93 mn (+3.85%) and 36.96 mn (+7.09%), respectively.

Key sectors contributing to the KSE-100’s positive performance included Cement, Technology and Communication, and Power Generation and Distribution, adding 356.27 pts, 301.98 pts and 114.03 pts respectively. Notable contributors by the company included Systems Limited (SYS) with 267.46 pts, Lucky Cement Limited (LUCK) with 103.53 pts, and Cherat Cement Company Limited (CHCC) with 91.37 pts all of which played pivotal roles in driving the index’s gains.

The Power Generation and Distribution sector gained 2.41% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +2.60%), K-Electric Limited (KEL 3.85%), Pakgen Power Limited (PKGP +2.16%) and Nishat Chunian Power Limited (NCPL +1.69%), all closed positive.

Values as at 04:15