DAILY MARKET WRAP

Bull run continued at the Pakistan Stock Exchange (PSX) on Monday. The benchmark KSE 100 index edged closer to the 60,000-mark intraday. Indices accumulated gains all day long after an initial drop. Volumes remained relatively stable compared to previous session. As per analysts, absence of economic uncertainty played a key role in alleviating investors' concerns.

Equity markets around the world showed negative trend. Crude oil prices also moved south with WTI crude oil price falling by 1.83% to $74.16. While Brent crude oil price was down by 1.60% to $79.19. (As at 3:49 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially slipped into the red zone and recorded intraday low of 58,999.31 (down by 87.04 pts). Bulls then took over propelling the index to day’s high of 59,896.08 (up by 809.73 pts or 1.37%). The index settled higher by 724.99 pts at 59,811.34, less than 200 pts away from the 60,000-mark. The KMI 30 index was up by 187.76 pts ending at 100,190.01. While the KSE All share index grew by 387.88 pts closing at 39,947.09.

Overall market volume exhibited little fluctuation, holding steady at 657.00 mn shares compared to 656.58 mn shares in the last session. Kohinoor Spinning Mills Limited (KOSM +32.45%) was the volume leader with 109.32 mn shares exchanged. Pushing World call Telecom Limited (WTL -2.56%) to second place with 43.31 mn shares traded. Third in line was Yousaf Weaving Mills Limited (YOUW +15.22%) with 22.76 mn shares traded.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (+386.94 pts), Cement sector (+118.93 pts) and Miscellaneous sector (+54.76 pts). Companies that led the index north belonged to the Banking sector namely, Habib Bank Limited (HBL +141.57 pts), United Bank Limited (UBL +98.58 pts) and MCB Bank Limited (MCB +88.11 pts).

The Banking sector gained 2.74% in its cumulative market capitalization. United Bank Limited (UBL +3.85%), MCB Bank Limited (MCB +4.26%), Habib Bank Limited (HBL +7.50%) and Allied Bank Limited (ABL +2.64%), all closed in green.

Values as at 04:06 PM PST