DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) bulls charged ahead, smashing through previous records. Indices accumulated gains from the word go while volume lowered compared to previous session. According to analysts, the prospect of Saudi investment in Reko Diq spurred investors' interest in oil and gas stocks.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.66% to $86.34. While Brent crude oil price was down by 0.68% to $90.55. (As at 1:59 PM PST, Source: Investing.com).

Clenching 1,294.05 pts, the benchmark KSE 100 index jumped to record high of 69,710.84 (up by 1.89%). It closed the session higher by 1,203.20 pts at 69,619.99. The KMI 30 index also gained an impressive 1,913.35 pts to close the session at 116,883.91. While the KSE All share index appreciated by 660.73 pts closing the day at 45,697.19.

Investor participation went down from 388.68 mn shares in the previous session to 335.68 mn shares. Pakistan Telecommunication Company Limited (PTC +5.13%), The Searle Company Limited (SEARL +7.10%) and Worldcall Telecom Limited (WTL +2.22%) dominated the volume chart. The scrips had 33.76 mn shares, 21.10 mn shares, and 18.14 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index to victory included, Banking sector (+399.62 pts), Oil and Gas Exploration sector (+185.25 pts) and Power Generation and Distribution sector (+139.82 pts). Company-wise, Fauji Fertilizer Company Limited (FFC +135.04 pts), The Hub Power Company Limited (HUBC +118.30 pts) and MCB Bank Limited (MCB +117.55 pts), were top points contributors.

The Pharmaceutical sector gained 5.29% in its cumulative market capitalization. Abbott Laboratories Pakistan Limited (ABOT +4.86%), The Searl Company Limited (SEARL +7.10%), Highnoon Laboratories Limited (HINOON +4.76%) and GlaxoSmithKline Pakistan Limited (GLAXO +3.88%), all closed in green.

Values as at 02:14 PM