DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended the week on a remarkable high, reaching unprecedented levels as the KSE-100 index rose in intraday to cross above 90,000 points. Positive momentum persisted throughout the session, while trading volumes remained steady compared to the previous day. As per analysts, positive performance was largely driven by expectations of an imminent policy rate reduction.

Global equity markets showed mixed trends. Crude oil prices moved north with WTI crude oil price rising by 0.76% to $70.72. While Brent crude oil price was up by 0.69% to $74.89. (As at 4:52 PM PST, Source: Investing.com).

Throughout the week, the benchmark KSE-100 index posted a notable gain of 5.56%. Bullish momentum pushed the index to an intraday peak of 90,593.61 reflecting an increase of 1,647.63 pts, or 1.85%. By the week's close, the index settled higher by 1,047.98 pts at 89,993.97. The KMI-30 index also advanced significantly, adding 1,066.13 pts to close at 136,114.30. Meanwhile, the KSE All Share index recorded a substantial gain of 495.83 pts finishing the session at 57,461.53.

Market volumes shrank from 756.99 mn shares in the last session to 693.84 mn shares. The leading stocks by trading volume included Fauji Foods Limited (FFL), which saw a gain of 8.45% followed by K-Electric Limited (KEL) with a depreciation of 4.98% and Sui Southern Gas Company Limited (SSGC) which experienced a rise of 9.41%. The scrips had 57.56 mn shares, 41.39 mn shares and 38.04 mn shares traded, respectively.

The sectors driving the rally included the Fertilizer sector (+417.22 pts), the Banking sector (+288.16 pts) and the Cement sector (+274.34 pts). Among individual companies, Fauji Fertilizer Company Limited (FFC +258.22 pts), Pakistan State Oil Company Limited (PSO +134.52 pts) and MCB Bank Limited (MCB +125.90 pts) propelling the benchmark KSE-100 index to a successful close.

The Fertilizer sector rose by 2.61% in its cumulative market capitalization. Fauji Fertilizer Company Limited (FFC +4.19%), Engro Fertilizers Limited (EFERT +2.66%), Engro Corporation Limited (ENGRO +0.27%) and Fatima Fertilizer Company Limited (FATIMA +1.74%), all closed in positive territory.

Values as at 05:15