DAILY MARKET WRAP

Positive sentiments prevailed at the Pakistan Stock Exchange (PSX) on Wednesday, with indices remaining in the green zone all day long. Trading volumes saw a significant increase compared to prior session. Analysts attributed the upbeat momentum to investor optimism, driven by expectations of an interest rate cut.

Global equity markets exhibited negative trend. Crude oil prices moved south, with WTI crude oil prices falling by 0.54% to $70.72. While Brent crude oil price went down by 0.50% to $74.12 (As at 3:40 PM PST, Source: Investing.com).

Gaining 534.47 pts, the benchmark KSE 100 index climbed to intraday high of 78,890.79. It ended the session higher by 491.69 pts at 78,848.01. The KMI 30 index jumped by 1,023.27 pts finishing the day at 126,020.97. While the KSE All share index appreciated by 302.03 pts to close the day at 50,779.07.

Investor participation swelled from 436.14 mn shares in the previous session to 969.50 mn shares (up by 122%). Toppers of the volume chart were, Worldcall Telecom Limited (WTL +13.22%), Pervez Ahmed Consultancy Services Limited (PASL +33.33%) and Kohinoor Spinning Mills Limited (KOSM +2.52%). The scrips had 234.64 mn shares, 48.69 mn shares and 45.08 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index north included, Oil and Gas Exploration sector (+153.61 pts), Cement sector (+94.02 pts) and Fertilizer sector (+91.22 pts). Company-wise, Mari Petroleum Company Limited (MARI +105.03 pts), Oil and Gas Development Company Limited (OGDC +71.13 pts) and Engro Fertilizers Limited (EFERT +40.73 pts), were top points contributors.

The Cement sector gained 1.71% in its cumulative market capitalization. Lucky Cement Limited (LUCK +2.12%), Bestway Cement Limited (BWCL +2.12%), Fauji Cement Company Limited (FFC +3.56%) and Kohat Cement Limited (KOHC +1.52%), all closed in green.

Values as at 04:15 P