DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) were on a roll on Thursday, as they drove the benchmark KSE 100 index above the 76,000 mark in a single day. Indices traded in the green from the word go, reflecting renewed investor confidence following recent budget clarifications. Trading volumes also saw a significant increase compared to previous session.

Global equity markets showed negative trend. Crude oil prices moved north, with WTI crude oil rising by 0.84% to $77.84. While Brent crude oil was down by 0.69% to $82.03. (As at 3:45 PM PST, Source: Investing.com).

The benchmark KSE 100 index soared to day’s high of 76,338.15 gaining 3,540.72 pts (up by 4.86%). It closed the session higher by 3,410.73 pts at 76,208.16. The KMI 30 index appreciated by 5,790.71 pts to end the day at 125,820.75. While the KSE All share index grew by 1,662.79 pts to conclude the day at 48,497.08.

Overall market volume jumped from 292.92 mn shares the previous session to 633.59 mn shares (up by 116%). Leaders of the volume chart were, K-Elektric Limited (KEL +1.72%), Fauji Cement Company Limited (FCCL +8.40%) and Worldcall Telecom Limited (WTL +3.10%). The scrips had 66.84 mn shares, 39.80 mn shares and 21.75 mn shares traded, respectively.

Sectors leading the benchmark KSE 100 index to victory included, Banking sector (+1,074.35 pts), Oil and Gas Exploration sector (+578.89 pts), and Fertilizer sector (+451.08 pts). Company-wise, The Hub Power Company Limited (HUBC +227.89 pts), MCB Bank Limited (MCB +221.91pts), United Bank Limited (UBL +208.84 pts), were top points contributors.

The Cement sector gained 7.31% in its cumulative market capitalization. Lucky Cement Limited (LUCK +7.49%), Bestway Cement Limited (BWCL +4.12%), Fauji Cement Company Limited (FCCL +8.40%) and Kohat Cement Company Limited (KOHC +8.50%), all closed in green.

Values as at 04:15 PM