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DAILY MARKET WRAP
Upward Trend Continues at PSX!
The Pakistan Stock Exchange (PSX) continued its upward trajectory on Thursday. The benchmark KSE 100 index flew past the 68,000-mark, setting a new record high. Indices traded in green all day long while volume appreciated compared to previous session. As per analysts, the decrease in inflation rate to its lowest levels in 22 months could prompt a reduction in policy rates, a prospect that excited investors.
Equity markets worldwide showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.05% to $85.47. While Brent crude oil price was up by 0.01% to $89.36. (As at 1:55 PM PST, Source: Investing.com).
During the day, the benchmark KSE 100 index climbed to day’s high of 68,439.37 gaining 683.34 pts. It closed the session higher by 660.75 pts at 68,416.78. The KMI 30 index jumped by 1,111.52 pts closing the day at 114,970.56. While the KSE All share index went up by 444.96 pts closing the session at 45,036.46.
Investor participation swelled from 361.27 mn shares in the previous session to 388.68 mn shares. Out of the total scrips traded 51.73% belonged to KSE 100 scrips. Pakistan International Airlines Corp (PIAA +3.85%), Cynergyico PK Limited (CNERGY +7.98%) and Pakistan Petroleum Limited (PPL +1.94%), led the volume chart. The scrips had 47.20 mn shares, 29.72 mn shares, and 21.17 mn shares exchanged, respectively.
Sectors driving the benchmark KSE 100 index north included, Banking sector (+208.03 pts), Oil and Gas Exploration sector (+134.51 pts) and Pharmaceutical sector (+106.66 pts). Company-wise, Meezan Bank Limited (MEBL +69.53 pts), Oil and Gas Development Limited (OGDC +63.36 pts) and Dawood Hercules Corporation Limited (DAWH +56.61 pts), were top points contributors.
The Oil and Gas Exploration sector gained 1.58% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +2.58%), Pakistan Petroleum Limited (PPL +1.94%), Mari Petroleum Company Limited (MARI +1.05%) and Pakistan Oilfields Limited (POL +0.32%), all closed in green.
Values as at 02:1 PM3