DAILY MARKET WRAP

PSX Continue to North – KSE 100 Crosses 105,000 Mark!

The Pakistan Stock Exchange (PSX) witnessed sustained bullish activity mid-week as the benchmark KSE-100 index breached the 105,000-point threshold, closing in positive territory despite early fluctuations. Analysts attributed this optimism to expectations of a stable policy rate in the upcoming monetary policy announcement.

Global equity markets exhibited mixed performances, while crude oil prices advanced. WTI crude climbed 0.69% to $70.42, and Brent crude rose 0.73% to $74.16. (As at 3:39 PM PST, Source: Investing.com).

The KSE-100 index initially slipped into the red recording a session low of 104,315.41 with a marginal decline of 243.66 pts. However, strong buying momentum propelled the index to an intraday high of 105,473.56 reflecting a gain of 914.49 pts. Ultimately, the benchmark settled at 105,104.34 up 545.26 pts and crossing above 105,000 points. The KMI-30 index surged 1,846.85 pts to close at 156,279.35, while the KSE All-Share index added 518.65 pts to finish at 66,260.23.

Total market turnover declined with 1.75 bn shares traded compared to 1.77 bn shares in the previous session. Worldcall Telecom Limited (WTL) emerged as the most actively traded stock, appreciating by 9.52% and recording a volume of 257.53 mn shares. Cnergyico PK Limited (CNERGY) and Pakistan International Bulk Terminal (PIBTL) followed, with 213.20 mn and 89.65 mn shares traded, respectively, though both posted marginal gains of 1.94% and 5.03%.

Sector-wise, Oil & Gas Exploration (+262.40 pts), Power Generation and Distribution (+156.46 pts) and Technology & Communication (+77.14 pts) were the primary drivers of the KSE-100 Index’s gains. On an individual stock basis, Mari Petroleum Company Limited (MARI, +191.20 pts), followed by The Hub Power Company Limited (HUBC, +123.93 pts) and Air Link Communication Limited (AIRLINK, +43.24 pts), making them standout performers in the session.

The Technology and Communication sector gained +3.30% in its cumulative market capitalization. Systems Limited (SYS +0.01%), Pakistan Telecommunication Company Limited (PTC +10.02%), Air Link Communication Limited (AIRLINK, +8.65%) and Avanceon Limited (AVN +0.46%), all closed in green.

Values as at 04:15