DAILY MARKET WRAP

Bulls broke records at the Pakistan Stock Exchange (PSX) on Friday. Indices traded in green from the word go! Volume dropped compared to previous session. As per analysts, news of potential $10 bn investment of from UAE excited investors. Moreover, anticipation of a decrease in interest rates also contributed to the upward momentum.

Global equity markets showed mixed trend. Crude oil prices moved south, with WTI crude oil falling by 0.29% to $76.65. While Brent crude oil was down by 0.21% to $81.19. (As at 4:48 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 0.85% WoW. During the session, it gathered 1,134.28 pts, soaring to day’s high of 76,248.76, surpassing the 76,000-mark. It closed the session higher by 868.56 pts at 75,983.04. The KMI 30 index climbed by 1,361.49 pts settling at 125,243.69. While the KSE All share index grew by 488.05 pts to close the day at 49,204.60.

Investor activity contracted from 753.92 mn shares in the previous session to 609.78 mn shares. K-Elektric Limited (KEL -0.57%), Worldcall Telecom Limited (WTL -2.07%) and Dewan Cement Limited (DCL +6.44%) topped the volume chart. The scrips had 130.07 mn shares and 50.57 mn shares and 28.32 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Banking sector (+379.70 pts), Fertilizer sector (+118.45 pts) and Power Generation and Distribution sector (+103.78 pts). Company-wise, United Bank Limited (UBL +119.22 pts), The Hub Power Company Limited (HUBC +84.84 pts) and Meezan Bank Limited (MEBL +78.67 pts), were top points contributors.

The Fertilizer sector gained 1.20% in its cumulative market capitalization. Engro Corporation Limited (ENGRO +0.28+%), Engro Fertilizer’s Limited (EFERT +2.02%), Fauji Fertilizer Company Limited (FFC +1.63%) and Fatima Fertilizer Company Limited (FATIMA +0.78%), all closed in green.

Values as at 05:15 PM PST