DAILY MARKET WRAP

Breaking previous records, the Pakistan Stock Exchange (PSX) started off the week with a new milestone as the benchmark KSE 100 index edged closer to the 54,000 level. Indices accumulated gains all day long while volumes appreciated compared to previous session. As per analysts, the ongoing IMF review kept the market on a roll.

Global equity markets displayed an upward trend. Crude oil prices moved north with WTI crude oil price rising by 1.95% to $82.08. While Brent crude oil price was up by 1.60% to $86.25. (As at 3:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index soared to new heights as it reached day’s high of 53,944.89 with an addition of 821.85 pts. The index settled higher with an increase of 1.39% or 737.33 pts at 53,860.37. The KMI 30 index swelled up by 1,104.97 pts closing at 91,428.29. The KSE All share index shot up by 464.19 pts ending the session at 35,898.80.

Overall market volume also went up from 508.48 mn shares in the previous session to 544.30 mn shares. Cynergyico PK Limited (CNERGY +6.75%) dominated the volume chart with 68.06 mn shares traded. Pakistan Refinery Limited (PRL +2.87%) and Pakistan International Bulk Terminal Limited (PIBTL +14.55%) were next with 37.32 mn shares and 34.52 mn shares exchanged, respectively.

Sectors adding to the positive momentum of the benchmark KSE 100 index included, Cement sector (+183.16 pts), Banking sector (+122.77 pts) and Power Generation and Distribution sector (+71.74 pts). Company-wise, Lucky Cement Limited (LUCK +80.80 pts), The Hub Power Company Limited (HUBC +64.54 pts), and Colgate Palmolive Pakistan Limited (COLG +48.36 pts), drove the index north.

The Cement sector gained 4.05% in its overall market capitalization. Lucky Cement Limited (LUCK +4.27%), Maple Leaf Cement Factory Limited (MLCF +1.61%), Kohat Cement Company Limited (KOHC +5.91%) and Fauji Cement Company Limited (FCCL +2.97%), all ended positive.

Values as at 04:15 PM PST