DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) reached new heights on Wednesday as the benchmark KSE-100 Index closed above the 80,000 mark for the first time. The indices remained in positive territory throughout the day, while volumes also increased compared to prior session. According to analysts, investor optimism was backed by expectations of securing an IMF loan this month, following positive signals from officials.

Global equity markets showed positive trend. Crude oil prices moved north, with WTI crude oil rising by 0.10% to $82.89. While Brent crude oil was up by 0.19% to $86.40. (As at 3:59 PM PST, Source: Investing.com).

Accumulating 852.35 pts, the benchmark KSE 100 index soared to day’s high of 80,405.24pts. It closed the session higher by 680.78 pts at 80,233.67. The KMI 30 index gained 1,013.79 pts ending the day at 128,378.30. While the KSE All share index grew by 364.21 pts to close the day at 50,771.45.

Investor activity went up from 412.68 mn shares the in the last session to 535.97 mn shares. Volume leaders of the session were, Pak Elektron Limited (PAEL +6.87%), The Bank of Punjab (BOP +7.36%) and National Bank of Pakistan (NBP +6.97%). The scrips had 34.59 mn shares, 31.47 mn shares and 21.22 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index to victory included, Banking sector (+274.42 pts), Oil and Gas Exploration sector (+161.35 pts) and Power Generation and Distribution sector (+87.89 pts). Company-wise, Habib Bank Limited (HBL +121.22 pts), Pakistan Oilfields Limited (POL +88.86 pts) and The Hub Power Company Limited (HUBC +85.79 pts), were top points contributors.

The Power Generation and Distribution sector gained 1.27% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +1.69%), Kot Addu Power Company Limited (KAPCO +0.03%), Lalpir Power Limited (LPL +1.77%) and Nishat Power Limited (NPL +1.69%), all closed in green.

Values as at 04:14 PM