DAILY MARKET WRAP

Bullish momentum of the Pakistan Stock Exchange (PSX) persisted on Thursday. The benchmark KSE 100 index hovered around the 65,000-mark during intraday trade. Indices traded within the green zone for most part of the day. Investor activity surged compared to previous session. Analysts pointed to favorable economic conditions as the driving force behind the rally.

Equity markets around the world showed negative trend. Crude oil prices however, moved in the opposite direction with WTI crude oil price rising by 0.89% to $71.81. While Brent crude oil price was up by 0.97% to $76.71. (As at 3:54 PM PST, Source: Investing.com).

During the day, the benchmark KSE 100 index flew to day’s high of 64,958.10 with an addition of 1,040.38, just 42.00 pts shy of the 65,000-mark. Losing momentum, it then slipped to day’s low of 63,853.05 Fallin by 68.68 pts. The index recovered and ultimately settled higher by 800.35 pts at 64,718.08. The KMI 30 index surged by 717.77 pts closing at 109,643.13. While the KSE All Share Index swelled up by 500.76 pts ending the session at 43,034.07.

Investor activity appreciated from 984.32 mn shares in the last session to 1.32 bn shares. Toppers of the volume chart included, K-Electric Limited (KEL +12.78%), Cynergyico PK Limited (CNERGY +4.54%) and Hascol Petroleum Limited (HASCOL +2.09%). The scrips had 246.01 mn shares, 98.90 mn shares and 60.51 mn shares traded, respectively.

Sectors leading the rally included Banking sector (+513.34 pts), Oil and Gas Marketing sector (+80.83 pts) and Fertilizer sector (+79.20 pts). Company-wise, Bank AL Habib Limited (BAHL +120.53 pts), Mari Petroleum Company Limited (MARI +108.44 pts) and Meezan Bank Limited (MEBL +95.56 pts), were top points contributors.

The Oil and Gas Marketing sector gained 3.43% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +7.50%), Shell Pakistan Limited (SHEL +1.73%), Sui Southern Gas Company Limited (SSGC +4.48%), all closed in green.

Values as at 04:09 PM PST