DAILY MARKET WRAP

Bulls continued to rule the Pakistan Stock Exchange (PSX) on Thursday. Market indices displayed the same trend as previous session where they accumulated gains all day long. Investor participation showed an increase compared to last session. As per analysts, bullish momentum prevailed in the market as a result of the anticipated arrival of funds from the IMF.

Equity markets around the globe showed positive trend. Crude oil prices moved in the opposite direction with WTI crude oil price falling by 0.96% to $76.36. While Brent crude oil was down by 1.04% to $81.11. (As at 3:58 PM PST, Source: Investing.com).

The benchmark KSE 100 hovered near the 59,000-mark as it reached day’s high of 58,920.41 (up by 721.65 pts). It settled higher by 701.08 pts at 58,899.84. The KMI 30 index grew by 871.08 pts ending the session at 100,182.53. While the KSE All share index was up by 398.45 pts concluding the session at 39,473.92.

Overall market volume appreciated from 594.38 mn shares in the last session to 668.13 mn shares. Worldcall Telecom Limited (WTL -1.22%) reigned as the volume leader for the third consecutive session this week with 40.22 mn shares traded. Followed by Telecard (TELE +6.01%) and Pakistan Refinery Limited (PRL +1.96%). The scrips had 32.42 mn shares, 32.35 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index towards the green zone included, Banking sector (+340.84 pts), Technology and Communication sector (+184.01 pts) and Cement sector (+51.28 pts). Company-wise, Meezan Bank Limited (MEBL +118.71 pts), Systems Limited (SYS +109.97 pts), and TRG Pakistan Limited (TRG +57.66 pts), added gains to the index.

The Banking sector gained 2.61% in its cumulative market capitalization. Meean Bank Limited (MEBL +5.70%), United Bank Limited (UBL +0.29%), MCB Bank Limited (MCB +1.46%) and Standard Chartered Bank (Pak) Limited (SCBPL +1.77%), all closed in green.

Values as at 04:10 PM PST