DAILY MARKET WRAP

Bulls regained control over the Pakistan Stock Exchange (PSX) mid-week. Stock indices rallied for most part of the day, while volumes also rose compared to previous session.

Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.24% to $83.54. While Brent crude oil price was down by 0.14% to $87.95. (As at 3:54 PM PST, Source: Investing.com).

The benchmark KSE 100 index wasted no time in building up its momentum from the moment the opening bell chimed. It surged to day's peak of 51,483.85 with a gain of 455.91 pts. However, a brief dip into the red zone followed where it momentarily touched the day's low at 51,023.31 losing 4.63 pts. The index finished on a high note, closing the day at 51,177.13 with an addition of 149.19 pts. The KMI 30 index appreciated by 340.23 pts ending the session at 86,855.09. The KSE All share index ballooned by 134.83 pts closing at 34,005.83.

Investor participation went up from 321.32 mn shares on Tuesday to 426.84 mn shares. Worldcall Telecom Limited (WTL +8.66%), The Bank of Punjab (BOP +5.06%) and Fauji Cement Company Limited (FCCL +7.35%) registered biggest increase in terms of traded volumes. The scrips had 80.69 mn shares, 22.48 mn shares and 21.27 mn shares exchanged, respectively.

Sectors boosting the benchmark KSE 100 index included, Banking sector (+117.09 pts), Technology and Communication sector (+116.21 pts) and Cement sector (+93.05 pts). Company-wise, Bank AL Habib Limited (BAHL +134.12 pts), Systems Limited (SYS +122.27 pts) and Pakistan State Oil Company Limited (PSO +68.64 pts), stood out as the key points contributors in the trading session.

The Banking sector appreciated by 0.65% in its cumulative market capitalization. Meezan Bank Limited (MEBL +0.31%), MCB Bank Limited (MCB +0.22%), Standard Chartered Bank (Pak) Limited (SCBPL +0.18%) and Allied Bank Limited (ABL +1.44%), all closed positive.

Values as at 04:13 PM PST