DAILY MARKET WRAP

The bulls at the Pakistan Stock Exchange (PSX) maintained their position on the last day of trading. Indices fluctuated throughout the day, while trading volume saw an increase compared to the previous session.

Worldwide equity markets exhibited mixed trends. Crude oil prices moved south with WTI crude oil price falling by 0.45% to $70.84. While Brent crude oil price was down by 0.47% to $74.53. (As at 4:41 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 3.46% WoW. The KSE 100 index initially dipped to a session low of 81,387.57 dropping 71.72 pts due to bearish activity. However, the bulls soon regained control pushing the index to a high of 82,372.20 with a gain of 808.65 pts. By the close, the index recorded an increase of 615.16 pts finishing at 82,074.45. The KMI 30 index saw a significant rise of 664.65 pts closing at 130,561.62. Similarly, the KSE All Share index added 279.07 pts wrapping up at 52,288.85.

Investor activity slightly increased with trading volume rising from 458.29 mn shares in the previous session to 481.61 mn shares. Top leaders of the volume chart were First Capital Securities Corporation (FCSC -1.07%), Oil and Gas Development Company Limited (OGDC -3.13%) and Fauji Fertilizer Bin Qasim Limited (FFBL -7.66%). The scrips had 31.59 mn shares, 29.41 mn shares and 28.63 mn shares traded, respectively.

The sectors driving the KSE 100 index upward were the Banking sector (+647.09 pts), the Cement sector (+123.22 pts) and the Leather and Tanneries sector (+45.88 pts). On a company level, Habib Bank Limited (HBL +155.23 pts), Meezan Bank Limited (MEBL +150.77 pts), and MCB Bank Limited (MCB +126.50 pts) were key contributors to the index’s rise.

The Cement sector gained 1.54% in its cumulative market capitalization. Lucky Cement Limited (LUCK +2.71%), Bestway Cement Limited (BWCL +0.59%), Fauji Cement Company Limited (FCCL +0.49%) and Kohat Cement Company Limited (KOHC +0.38%), all closed in green.

Values as at 05:15