DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) experienced a remarkable surge, with bulls leading the way to record-setting gains. The KSE-100 Index surged by over 1,000 points in a single session, surpassing the 85,000 level. The market stayed in the green throughout the day, with trading volumes higher compared to the previous close.

Equity markets around the globe showed mixed trends. Crude oil prices moved north with WTI crude oil price rising by 2.58% to $76.30. While Brent crude oil price was up by 2.22% to $79.78. (As at 3:49 PM PST, Source: Investing.com).

The benchmark KSE 100 index experienced a decline of 228.41 pts reaching a low of 83,303.55. However, the bulls quickly took charge pushing the index up to a high of 85,047.81 marking an increase of 1,515.86 pts. Ultimately, the index closed up by 1,378.34 pts at 84,910.30. Meanwhile, the KMI 30 index rose by 1,693.49 pts finishing the day at 130,710.81. The KSE All Share Index also saw gains, increasing by 968.23 pts to close at 54,022.05.

Total traded volumes climbed from 319.73 mn shares in the previous session to 549.14 mn shares. Pakistan Petroleum Limited (PPL +6.82%) remained the top gainer with 40.78 mn shares traded. Followed by Hub Power Company Limited (HUBC -2.90%) and Fauji Cement Company Limited (FCCL +3.90%). The scrips had 28.01 mn shares and 23.13 mn shares exchanged, respectively

Sectors adding gains to the benchmark KSE 100 index included, the Oil and Gas Exploration sector (+586.10 pts), the Fertilizer sector (+277.12 pts) and the Banking sector (+245.45 pts). Company-wise, Oil & Gas Development Company Limited (OGDC +244.71 pts), Pakistan Petroleum Limited (PPL +172.72) and Fauji Fertilizer Company Limited (FFC +135.06 pts), led the index north.

The Oil and Gas Exploration sector gained 5.31% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +7.66%), Mari Petroleum Company Limited (MARI +1.49%), Pakistan Petroleum Limited (PPL +6.82%) and Pakistan Oilfields Limited (POL +4.50%), all ended in green.

Values as at 04:15