DAILY MARKET WRAP

Extending rally from prior session, the Pakistan Stock Exchange (PSX) closed the session mid-week on a high note. Indices surged right from the opening bell, albeit with a decrease in trading volume compared to previous session. Analysts attributed the market's ascent to both the ongoing pre-election rally and the optimistic outlook regarding the resolution of circular debt.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.59% to $73.74. While Brent crude oil price was up by 0.52% to $79.00. (As at 3:40 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 397.60 pts jumping to day’s high of 64,196.62. It closed the session higher with an addition of 344.85 pts or 0.54% at 64,143.87. The KMI 30 index appreciated by 579.79 pts closing the session at 108,668.27. While the KSE All share index ballooned by 166.04 pts ending the day at 43,314.01.

Overall market volume shrank from 330.79 mn shares in the last session to 325.63 mn shares. Out of the total scrips traded 59.81% belonged to KSE 100 scrips. K-Electric Limited (KEL +2.32%), Oil and Gas Development Company Limited (OGDC -3.15%) and Pak Elektron Limited (PAEL +3.51%), witnessed highest participation. The scrips had 44.38 mn shares, 24.95 mn shares and 21.27 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included Power Generation and Distribution sector (+105.37 pts), Banking sector (+95.24 pts) and Cement sector (+43.38 pts). Company-wise, The Hub Power Company Limited (HUBC +98.56 pts), Meezan Bank Limited (MEBL +27.79 pts) and Engro Fertilizers Limited (EFERT +25.41 pts), were top points contributors.

The Power Generation and Distribution sector gained 2.32% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +2.92%), K-Electric Limited (KEL +2.32%), Kot Addu Power Company Limited (KAPCO +0.03%) and Pakgen Power Limited (PKGP +0.06%), all closed in green.

Values as at 04:15 PM