DAILY MARKET WRAP

Investor of the Pakistan Stock Exchange (PSX) witnessed an upbeat trading session on Wednesday. Indices accumulated gains from the word go while volume appreciated compared to previous session. Analysts observed an improvement in market confidence following progress regarding privatization of PIA, complemented by increased foreign portfolio investment in government papers.

Equity markets worldwide showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.16% to $85.29. While Brent crude oil price was up by 0.20% to $89.10. (As at 1:58 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index surged to record high of 67,873.22 gaining 986.95 pts. It closed the session at 67,756.04 with an addition of 869.77 pts or 1.30%. The KMI 30 index climbed by 2,223.43 pts closing the day at 113,859.04. While the KSE All share index grew by 288.65 pts closing the session at 44,591.51.

Investor participation grew from 239.46 mn shares in the previous session to 361.27 mn shares. Highest market volumes were witnessed in Pakistan Telecommunication Company Limited (PTC –6.87%), Flying Cement Company Limited (FLYNG +11.27%) and Worldcall Telecom Limited (WTL +2.22%). The scrips had 38.24 mn shares, 21.46 mn shares, and 20.98 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Cement sector (+289.51 pts), Fertilizer sector (+255.76 pts) and Oil and Gas Exploration sector (+131.10 pts). Company-wise, Engro Corporation Limited (ENGRO +146.04 pts), Engro Fertilizers Limited (EFERT +106.21 pts) and Lucky Cement Limited (LUCK +99.93 pts), were top points contributors.

The Fertilizer sector gained 2.76% in its cumulative market capitalization. Engro Corporation Limited (ENGRO +4.89%), Engro Fertilizer’s Limited (EFERT +3.90%) and Fauji Fertilizer Bin Qasim Limited (FFBL +1.42%), all closed in positive territory.

Values as at 02:12 PM