DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) achieved a remarkable milestone as the KSE 100 index surged past the 72,000-mark during last session before the Eid holidays. Indices displayed strong momentum right from the opening bell, accompanied by an increase in trading volume compared to previous session. Analysts credited the bullish trend to the positive sentiments surrounding the investment package from Saudi Arabia and robust remittances along with sustained foreign investment.

Equity markets worldwide showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.60% to $86.95. While Brent crude oil price was up by 0.59% to $90.55. (As at 1:52 PM PST, Source: Investing.com).

Bulls drove the benchmark KSE 100 index to day’s high of 70,677.30 with an addition of 1,057.31 or 1.52%. It settled higher by 694.73 pts at 70,314.72. The KMI 30 index grew by 1,098.06 pts ending the session at 117,981.97. While the KSE All share index surged by 344.80 pts closing the day at 46,041.99.

Investor participation witnessed an increase from 335.68 mn shares in the previous session to 389.32 mn shares. Worldcall Telecom Limited (WTL -5.07%), Pakistan International Bulk Terminal Limited (PIBTL +3.18%) and Pakistan International Airlines Corp (PIAA +1.92%) led the volume chart. The scrips had 34.37 mn shares, 27.82 mn shares, and 19.04 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Fertilizer sector (+253.75 pts), Banking sector (+163.18 pts) and Oil and Gas Exploration sector (+64.46 pts). Company-wise, Fauji Fertilizer Company Limited (FFC +217.08 pts), Meezan Bank Limited (MEBL +78.33 pts) and The Hub Power Company Limited (HUBC +57.63 pts), were top points contributors.

The Oil and Gas Exploration sector gained 0.73% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +0.04%), Pakistan Petroleum Limited (PPL +0.04%), Mari Petroleum Company Limited (MARI +2.18%) and Pakistan Oilfields Limited (POL +0.89%), all closed in green.

Values as at 02:15 PM