DAILY MARKET WRAP

Bulls Run Continues at PSX!

The Pakistan Stock Exchange (PSX) closed with a modest gain, driven by strong momentum in the early session before encountering some profit-taking in the afternoon. Despite fluctuations, the market maintained a positive close, supported by active trading volumes.

Source: stockintel.com

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.51% to $72.36. While Brent crude oil price was down by 0.46% to $75.54. (As at 4:53 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 0.54% on WoW. The benchmark KSE-100 index commenced trading on a positive note, maintaining its upward trajectory and reaching an intraday high of 115,106.99 reflecting a gain of 1,900.59 pts. The index ultimately closed higher, registering an increase of 1,049.33 pts to settle at 114,255.73. Meanwhile, the KMI-30 index advanced by 779.51 pts concluding the session at 171,979.28, while the KSE All-Share index expanded by 491.99 pts closing at 70,604.12.

Market participation improved significantly with trading volume rising from 483.59 mn shares in the previous session to 542.30 mn shares. The highest turnover was observed in Cnergyico Pk Limited (CNERGY +1.04%), Worldcall Telecom Limited (WTL -3.53%) and Bank Makramah Limited (BML +1.08%), with 66.68 mn, 37.80 mn and 18.55 mn shares changing hands, respectively.

Sectors adding gains to the benchmark KSE 100 index included, the Banking sector (+704.20 pts), the Cement sector (+266.40 pts) and the Automobile Assembler sector (+77.21 pts). Company-wise, United Bank Limited (UBL +294.46 pts), Lucky Cement Limited (LUCK +191.25 pts) and National Bank Limited (NBP +106.34 pts) drove the index north.

The Banking sector gained +2.23% in its cumulative market capitalization. United Bank Limited (UBL +4.74%), Meezan Bank Limited (MEBL +1.37%), MCB Bank Limited (MCB +0.69%) and Habib Bank Limited (HBL +1.29%), all closed in green.

Values as at 05:15