DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) made an unexpected appearance in a sudden turn of events during final trading hour, pushing the market into positive territory. Before the late surge, indices fluctuated between gains and losses, while volumes significantly increased compared to last close.

Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.91% to $88.84. While Brent crude oil price was down by 0.90% to $92.69. (As at 3:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index initially lost 156.14 pts reaching day’s low of 45,733.44. It then rapidly gained momentum as closing bell drew nearer reaching day’s high of 46,309.80 gaining 420.22 pts. It settled above the 46,000 mark at 46,202.13 with an addition of 312.55 pts. The KMI 30 index grew by 470.71 pts ending at 77,857.04. While the KSE All share index surged by 175.14 pts at 30,853.26.

Volumes ballooned from 129.00 mn shares in the last session to 171.75 mn shares. Stocks that outperformed their peers in terms of traded volumes were, Maple Leaf Cement Factory Limited (MLCF +4.46%), Worldcall Telecom Limited (WTL +0.88%) and BankIslami Pakistan Limited (BIPL +5.27 %). The scrips had 15.32 mn shares, 7.60 mn shares and 6.79 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Cement sector (+96.27 pts), Banking sector (+77.60 pts) and Fertilizer sector (+35.99 pts). Company-wise, Lucky Cement Limited (LUCK +53.10 pts), United Bank Limited (UBL +26.88 pts) and Fauji Fertilizer Company Limited (FFC +26.06 pts), added gains to the index.

The Cement sector witnessed an increase of 3.58% in its cumulative market capitalization. Lucky Cement Limited (LUCK +4.20%), Bestway Cement Company Limited (BWCL +1.29%), Kohat Cement Company Limited (KOHC +1.14%), Maple Leaf Cement Factory Limited (MLCF +5.51%), all closed in green.

Values as at 04:08 PM PST