DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) concluded the week with a surge in optimism. The benchmark KSE 100 index achieved a record high, closing at 72,742.75. Throughout the day, indices predominantly traded in the green zone. As per analysts, investors anticipate a forthcoming decrease in the interest rate at the upcoming monetary policy meeting next week. Additionally, a robust result season contributed significantly to the bullish trend.

Global equity markets showed a mixed trend. Crude oil prices moved north, with WTI crude oil rising by 0.66% to $84.12 while Brent crude oil was up by 0.61% to $89.55. (As at 4:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 2.58% WoW. During the session, the index lost 207.22 pts and slipped to day’s low of 71,764.18 before climbing to day’s high of 72,862.41 with an addition of 891.01 pts. It settled higher by 771.35 pts at 72,742.75. The KMI 30 index gained 1,511.89 pts ending the day at 122,414.85. While the KSE All share index grew by 314.51 pts closing the day at 47,489.46.

Investor participation shrank from 798.23 mn shares in the previous session to 540.78 mn shares. Askari Bank Limited (AKBL +1.25%), K-Electric Limited (KEL -1.29%) and Worldcall Telecom Limited (WTL -4.32%) were volume leaders of the session. The scrips had 39.17 mn shares, 31.24 mn shares, and 30.16 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Fertilizer sector (+400.46 pts), Banking sector (+169.83 pts) and Power Generation and Distribution sector (+103.57 pts). Company-wise, Engro Fertilizers Limited (EFERT +188.35 pts), Bank Al Habib Limited (BAHL +127.30 pts) and Fauji Fertilizer Company Limited (FFC +103.30 pts), were top points contributors.

The Fertilizer sector gained 3.98% in its cumulative market capitalization. Engro Corporation Limited (ENGRO +1.76%), Engro Fertilizer’s Limited (EFERT +6.06%), Fauji Fertilizer Company Limited (FFC +3.31%) and Fatima Fertilizer Company Limited (FATIMA +6.73%), all closed in green.

Pakistan State Oil Company Limited (PSO -0.44%) announced its financials for 3QFY24. The company reported net sales of Rs.843.49 bn compared to Rs.811.69 bn in SPLY. Finance cost increased from Rs.12.68 bn in 3QFY23 to Rs.15.04 bn. EPS decreased to Rs.12.03 March 2024 compared to Rs.29.07 in March 2023.

Values as at 05:15 PM