DAILY MARKET WRAP

Extending gains from previous session, the Pakistan Stock Exchange (PSX) ended the week in green. The benchmark KSE 100 index surged above the 77,000-mark intraday, fueled by investor optimism surrounding budget clarity. However, trading volume saw a decline compared to prior session.

Global equity markets showed negative trend. Crude oil prices moved north, with WTI crude oil rising by 0.47% to $78.99. While Brent crude oil was down by 0.65% to $83.29. (As at 4:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 4.00% WoW. During the session, it reached day’s low of 76,103.56 falling by 104.60 pts. It then surged to day’s high of 77,310.45 (up by 1,102.29 pts). The index closed the session higher by 498.61 pts at 76,706.77. The KMI 30 index slipped by 85.36 pts closing the day at 125,735.38. While the KSE All share index grew by 213.90 pts to settle at 48,710.98.

Investor activity went down from 633.59 mn shares the in the last session to 394.91 mn shares. K-Electric Limited (KEL -2.12%), Worldcall Telecom Limited (WTL -0.75%) and Airlink Communication Limited (AIRLINK +2.72%), led the volume chart. The scrips had 23.04 mn shares, 22.44 mn shares and 18.00 mn shares traded, respectively.

Sectors contributing positively to the benchmark KSE 100 index included the Banking sector, which provided the highest contribution, adding 706.42 pts to the index. This was followed by the Food and Personal Care Products sector, adding 32.05 pts and Power Generation and Distribution sector, which contributed 26.18 pts. Companies that drove the index north were also from the banking sector namely, Meezan Bank Limited (MEBL +135.26 pts), MCB Bank Limited (MCB +127.13 pts) and Bank Alfalah Limited (BAFL +117.01 pts).

The Banking sector gained 3.69% in its cumulative market capitalization. Meezan Bank Limited (MEBL +4.07%), United Bank Limited (UBL +3.17%), MCB Bank Limited (MCB +4.49%) and Standard Chartered Bank (Pak) Limited (SCBPL +3.93%), all closed in green.

Values as at 05:15 PM