DAILY MARKET WRAP

Building on gains from the previous session, the Pakistan Stock Exchange (PSX) closed mid-week in the green. Indices traded in green all day long while volume grew compared to prior session. Analysts attributed the market's upward movement to positive developments on the economic front.

Worldwide equity markets showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.74% to $77.53. While Brent crude oil price was up by 0.64% at $81.53. (as at 3:45 PM PST, Source: Invetsing.com).

The benchmark KSE 100 index surged by 717.27 pts, reaching a high of 79,704.37 for the day. It ended the session with a gain of 409.92 pts, closing at 79,397.01. The KMI 30 index rose by 583.10 pts, finishing the day at 126,679.28. Meanwhile, the KSE All Share Index increased by 223.55 pts, closing at 50,359.13.

Investor activity appreciated from 315.94 mn shares in the last session to 386.83 mn shares. Silkbank Limited (SILK +10.00%) topped the volume chart with 38.87 mn shares traded. Followed by Hascol Petroleum Limited (HASCOL +10.03%) and PIA Holding Company Limited (PIAHCLA +4.35%). The scrips had 25.78 mn shares and 17.16 mn shares traded, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Banking sector (+222.06 pts), Fertilizer sector (+151.71 pts) and Technology and Communication sector (+55.13 pts). Company-wise, Fauji Fertilizer Company Limited (FFC +77.96 pts), Meezan Bank Limited (MEBL +72.85 pts) and TRG Pakistan Limited (TRG +65.85 pts), were top points contributors.

The Banking sector gained 1.05% in its cumulative market capitalization. Meezan Bank Limited (MEBL +2.27%), MCB Bank Limited (MCB +0.19%), Standard Chartered Bank Limited (SCBPL +0.46%) and Habib Bank Limited (HBL +0.13%), all closed in green

Values as at 04:13 PM