DAILY MARKET WRAP

Bulls strengthened their grip over the Pakistan Stock Exchange (PSX) on Friday. Indices accumulated gains all day long while volume dropped compared to previous session. As per analysts, the upcoming elections brought some clarity to investors which in turn led to an upward trend in the market.

Worldwide equity markets displayed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.45% to $74.15. While Brent crude oil price was up by 0.44% to $79.05. (As at 4:51 PM PST, Source: Investing.com).

The benchmark KSE 100 index lost 1.27% WoW. During the session, it flew to day’s high of 63,075.30 with an addition of 681.56 pts. The index settled higher by 609.18 pts at 63,002.92. The KMI 30 index appreciated by 1,318.39 pts closing the week at 106,363.15. While the KSE All share index grew by 475.16 pts to end the week at 42,577.29.

Overall market volume dropped from 270.24 mn shares in the last session to 263.36 mn shares. Leading the volume chart were, K-Electric Limited (KEL +4.93%), Pakistan International Airlines Limited (PIAA +8.64%) and Pakistan Petroleum Limited (PPL -1.26%). The scrips had 26.58 mn shares, 25.84 mn shares and 18.48 mn shares exchanged, respectively.

Sectors leading the benchmark KSE 100 index to victory included Banking sector (+105.21 pts), Automobile Assembler sector (+93.68 pts), and Cement sector (+83.85 pts). Company-wise, Millat Tractors Limited (MTL +78.97 pts), Engro Fertilizers Limited (EFERT +67.63 pts) and Oil and Gas Development Company Limited (OGDC +65.54 pts), added gains to the index.

The Cement sector gained 1.71% in its cumulative market capitalization. Lucky Cement Limited (LUCK +1.91%), Bestway Cement Limited (BWCL +0.63%), Maple Leaf Cement Factory Limited (MLCF +0.97%) and Fauji Cement Company Limited (FCCL +0.95%), all closed in green.

Values as at 05:13 PM