DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) dazzled on Wednesday, propelling the benchmark KSE 100 index to new heights with their remarkable performance. Indices accumulated gains all day long while investor participation surged in contrast to previous session. As per analysts, international investors' interest in the privatization of PIAA sparked enthusiasm among local investors.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.87% to $80.91. While Brent crude oil price was down by 0.85% to $84.90. (As at 1:56 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index climbed to intraday high of 66,607.88 gaining 701.60 pts. It closed the session higher by 641.51 pts at 66,547.79. The KMI 30 index appreciated by 1,004.89 pts ending the session at 111,665.62. While the KSE All share index ballooned by 390.81 pts closing the day at 44,075.12.

Investor activity surged from 303.64 mn shares in the previous session to 354.54 mn shares. Total traded value for the day clocked in at Rs. 11.88 bn. Lotte Chemical Pakistan Limited (LOTCHEM +2.90%), Telecard Limited (TELE +8.83%) and Pakistan Telecommunication Company Limited (PTC +7.52%) emerged as the most traded scrips, with 42.83 mn shares, 29.18 mn shares, and 24.70 mn shares exchanged respectively.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (+205.32 pts), Power Generation and Distribution sector (+136.79 pts) and Fertilizer sector (+125.91 pts). Company-wise, The Hub Power Company Limited (HUBC +135.87 pts), Meezan Bank Limited (MEBL +45.89 pts) and United Bank Limited (UBL +44.37 pts), were top points contributors.

The Banking sector gained 1.28% in its cumulative market capitalization. Meezan Bank Limited (MEBL +1.80%), United Bank Limited (UBL +1.64%) MCB Bank Limited (MCB +1.62%), and Standard Chartered Bank (Pak) Limited (SCBPL +6.96%), all closed in positive territory.

Values as at 02:15 PM