DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued its upward trend mid-week. The benchmark KSE 100 index achieved a new milestone when it briefly crossed the 64,000-mark intraday. Indices traded in green all day long while investor activity also witnessed an increase compared to previous session. Analysts attributed the bullish trend to allocation of funds by the Asian Development Bank.

Equity markets around the world showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 0.63% to $71.81. While Brent crude oil price was down by 0.63% to $76.71. (As at 3:46 PM PST, Source: Investing.com).

Bulls thrust the benchmark KSE 100 index to day’s high of 64,038.83 by gaining 1,082.80 pts or 1.72%. The index settled higher by 961.70 pts at 63,917.72, less than a 100 pts away from the 64,000-mark. The KMI 30 index appreciated by 1,849.11 pts moving up to 108,925.36. While the KSE All Share index accumulated 526.64 pts ending at 42,533.31.

Total Volume grew from 761.53 mn shares in the last session to 984.32 mn shares. K-Electric Limited (KEL +5.08%), Worldcall Telecom Limited (WTL +1.29%) and Hascol Petroleum Limited (HASCOL +17.58%), dominated the volume chart. The scrips had 143.66 mn shares, 56.89 mn shares and 54.50 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included Banking sector (+373.02 pts), Technology and Communication sector (+179.84 pts) and Oil and Gas Exploration sector (+64.61 pts). Company-wise, Habib Bank Limited (HBL +118.84 pts), Meezan Bank Limited (MEBL +97.87 pts) and Systems Limited (SYS +86.00 pts), were top points contributors.

The Power Generation and Distribution sector gained 1.10% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +0.98%), K-Electric Limited (KEL +4.78%), Kot Addu Power Company Limited (KAPCO +0.27%) and Pakgen Power Limited (PKGP +0.56%) all closed in green.

Values as at 04:15 PM PST