DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its road to recovery on Thursday. Indices traded in green all day long while volume dropped compared to previous session. Analysts attributed the bullish trend to investor optimism regarding the approval of the proposed budget, which is expected to facilitate a deal with the International Monetary Fund (IMF).

Global equity markets showed mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.46% to $81.27. While Brent crude oil was up by 0.44% to $84.84. (As at 3:41 PM PST, Source: Investing.com).

During the session, the benchmark KSE 100 index jumped to day’s high of 78,978.60 gaining 702.96 pts. It closed the session higher by 252.61 pts at 78,528.25. The KMI 30 index went down by 24.32 pts ending the day at 126,307.62. While the KSE All share index witnessed an increase of 173.01 pts to end the day at 49,487.23.

Investor activity dwindled down from 465.36 mn shares the in the last session to 279.27 mn shares. Worldcall Telecom Limited (WTL +0.81%), K-Elektric Limited (KEL +1.97%) and Oil and Gas Development Company Limited (OGDC +1.35%), led the volume chart. The scrips had 27.56 mn shares, 21.97 mn shares and 16.93 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Banking sector (+67.05 pts), Fertilizer sector (+50.36 pts) and Oil and Gas Exploration sector (+45.54 pts). Company-wise, Fauji Fertilizer Company Limited (FFC +57.69 pts), United Bank Limited (UBL +47.54 pts) and Thal Limited (THALL +40.53 pts), added gains to the index.

The Banking sector gained 0.32% in its cumulative market capitalization. United Bank Limited (UBL +1.19%), Standard Chartered Bank (Pak) Limited (SCBPL +0.07%), Habib Bank Limited (HBL +0.20%) and Allied Bank Limited (ABL +0.46%), all closed in green.

Values as at 04:13 PM