DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) carried forward the gains from previous session driving the benchmark KSE 100 to new heights mid-week. Indices traded in green all day long. Volumes also rose compared to previous session. As per analysts, the State Bank’s decision to keep the interest rates unchanged had a positive effect on the market.

Worldwide equity markets moved north. Crude oil prices appreciated with WTI crude oil prices rising by 1.47% to $82.21. While Brent crude oil price was up by 1.41% to $86.22. (As at 3:50 PM PST, Source: Investing.com).

On the economic front, as per data released by the Pakistan Bureau of Statistics (PBS), CPI inflation increased to 26.9% on YoY basis in Oct'23 as compared to an increase of 31.4% in Sep'23 & 26.6% in SPLY. On MoM basis, it increased to 1.1% in Oct'23 as compared to an increase of 2.0% in Sep'23 and an increase of 4.7% in SPLY.

The benchmark KSE 100 index soared to day’s high of 52,451.21 gaining 530.93 pts. It settled higher by 422.37 pts at 52,342.64. The KMI 30 index went up by 604.04 pts ending at 88,828.78. While the KSE All share index witnessed an increase of 261.16 pts ending at 34,819.38.

Market volume swelled from 453.35 mn shares on Tuesday to 523.67 mn shares. Similar to prior session, top three most actively traded stocks remained consistent namely, Cynergyico PK Limited (CNERGY -1.27%), Worldcall Telecom Limited (WTL +0.00%) and Pakistan Refinery Limited (PRL +4.25%). The scrips had 75.77 mn shares, 68.33 mn shares and 55.04 mn shares exchanged, respectively.

Sectors propelling the benchmark KSE 100 index into the green zone included, Power Generation and Distribution sector (+68.77 pts), Banking sector (+60.86 pts) and Cement sector (+57.61 pts). Company-wise, The Hub Power Company Limited (HUBC +72.54 pts), Pakistan Oilfields Limited (POL +32.09 pts) and Interloop Limited (ILP +30.05 pts), were top points contributors.

The Technology and Communication sector gained 1.47% in its cumulative market capitalization. Systems Limited (SYS +1.07%), TRG Pakistan Limited (TRG +1.95%) and Avanceon Limited (AVN +3.40%), all closed in green.

Values as at 04:08 PM PST