DAILY MARKET WRAP

The bulls sustained its position in the Pakistan Stock Exchange (PSX) on the last trading session of the week. Throughout the day, indices made gains but trading volumes shrank from the previous session.

Global equity markets exhibited mixed trends, while crude oil prices rose, with WTI crude appreciating by 0.63% to $76.67 and Brent crude by 0.51% to $79.56 (As at 4:51 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 0.44% WoW. During the session, it accumulated 948.91 pts soaring to day’s high of 78,823.14. The index settled higher by 695.36 pts at 78,569.59. The KMI 30 index experienced notable gains, climbing by 1607.41 pts to close at 125,649.41. Meanwhile, the KSE All Share Index rose by 460.75 pts ending at 50,430.74.

Investor activity contracted from 491.06 mn shares in the last session to 420.071 mn shares. Kohinoor Spinning Mills Limited (KOSM +14.09%), Yousaf Weaving Mills Limited (YOUW +17.30%) and The Organic Meat Company Limited (TOMCL +4.35%) were toppers of the volume chart. The scrips had 64.78 mn shares, 24.86 mn shares and 18.12 mn shares traded, respectively.

Sectors leading the benchmark KSE 100 index to positive included the Banking Sector (360.84 pts), Oil and Gas Exploration Companies (194.48 pts) and Technology and Communication (80.64 pts). Companies that contributed gains to the index consisted of Mari Petroleum Company Limited (MARI, 243.02 pts), United Bank Limited (UBL, 127.78 pts) and Meezan Bank Limited (MEBL, 50.22 pts).

The banking sector gained 1.60% in its cumulative market capitalization. Meezan Bank Limited (MEBL, 1.46%), United Bank Limited (UBL, 3.36%), MCB Bank Limited (MCB, 1.54%) and Standard Chartered Bank (Pak) Limited (SCBPL, 1.54%) all closed in green.

Values as at 04:15 PM