DAILY MARKET WRAP

Stocks Extend Rally – KSE 100 Crosses 101,000 Mark!

The Pakistan Stock Exchange (PSX) concluded the week with impressive performance, as the indices recorded gains throughout the session. The benchmark KSE-100 index surpassed the significant 101,000-point threshold, marking a notable achievement. Trading volumes depreciated compared to the prior session, reflecting decreased investor participation.

Equity markets around the globe showed mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.32% to $68.50. While Brent crude oil price was down by 0.67% to $72.29. (As at 4:34 PM PST, Source: Investing.com)

The benchmark KSE 100 index gained 3.64% WoW. The KSE-100 index experienced early volatility briefly dipping 260.15 pts below the 100,000 mark to an intraday low of 99,822.62. However, the index rebounded strongly climbing to a session high of 101,496.18 reflecting a gain of 1,413.41 pts. By the close, the index settled at 101,357.32 adding 1,274.55 pts overall. Other indices also posted gains, with the KMI-30 index rising by 1,351.75 pts to close at 148,572.54 and the KSE All-Share index advancing by 837.30 pts to end at 63,920.43.

The total market turnover declined slightly with 914.99 mn shares traded compared to 1.16 bn in the previous session. Among the most actively traded stocks are the Bank of Punjab (BOP +3.96%), K-Electric Limited (KEL +3.33%) and Sui Southern Gas Company Limited (SSGC +9.99%). The scrips had 95.06 mn shares, 55.54 mn shares and 44.80 mn shares traded, respectively.

Key sectors driving the day’s positive momentum included Banking (+468.19 pts), Pharmaceuticals (+172.53 pts) and Oil and Gas Exploration (+143.45 pts). On the corporate front, Pakistan Petroleum Limited (PPL) added 90.78 pts, Service Industries Limited (SRVI) contributed 84.50 pts and Bank Alfalah Limited (BAFL) added 79.77 pts further bolstering the KSE-100 Index’s performance.

The Pharmaceuticals sector gained 3.70% in its overall market capitalization. GlaxoSmithKline Pakistan Limited (GLAXO +0.65%), Abbott Laboratories (Pakistan) Limited (ABOT +6.96%), Haleon Pakistan Limited (HALEON +0.69%) and Highnoon Laboratories Limited (HINOON +6.74%), all closed in green.

Values as at 05:15