DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) kicked off the week with a historic rally as indices surged to unprecedented levels in the first trading session. Right from the opening bell, the market showed strong bullish momentum reaching an intraday high of over 94,000 pts, with trading volume noticeably higher than the previous session.

On a global scale, equity markets displayed mixed trends and oil prices experienced a slight decline. WTI crude oil dropped by 1.51% trading at $69.32, while Brent crude oil edged down by 1.33%, standing at $72.89. (as at 3:44 PM PST, Source: Invetsing.com).

The KSE-100 index demonstrated a remarkable rally climbing swiftly from the opening and achieving an intraday peak of 94,020.03 gaining 728.35 pts. The index concluded the day 356.64 pts higher at 93,648.33 reflecting a strong increase of 2.73%. Similarly, the KMI 30 index saw a decline closing down 173.12 pts at 142,188.16, while the KSE All Share index expanded by 426.98 pts to end the session at 59,828.07.

Overall trading volume soared with 812.09 mn shares traded compared to the previous session's 762.82 mn shares. Top volume leaders included Cnergyico PK Limited (CNERGY, up 9.71%), Pak Elektron Limited (PAEL, up 8.00%), and K-Electric Limited (KEL, up 2.89%), with traded volumes of 98.60 mn, 78.09 mn, and 70.19 mn shares, respectively.

Several sectors drove the KSE-100 index's gains, including the pharmaceuticals sector (+253.54 pts), the Oil and Gas Exploration Companies sector (+187.57 pts) and Technology and Communication (+47.87 pts). Among individual stocks, Oil & Gas Development Company Limited (OGDC +130.90 pts), Pakistan Petroleum Limited (PPL +89.00 pts), and Abbott Laboratories (Pakistan) Limited (ABOT +60.08 pts) were the top contributors to the index’s positive momentum.

The Pharmaceuticals sector gained 8.91% in its cumulative market capitalization. GlaxoSmithKline Pakistan Limited (GLAXO +10.00%), Abbott Laboratories (Pakistan) Limited (ABOT +9.74%), Haleon Pakistan Limited (HALEON +10.00%) and Highnoon Laboratories Limited (HINOON +5.95%) are all closed in positive.

Values as at 04:15