DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) won investors’ hearts with yet another historic achievement as they led the benchmark KSE 100 index well over the 55,000 mark on Friday. Indices traded in green from the word go! Investor participation also appreciated from previous session. Market analysts attributed the upward trend to a drop in yields on Pakistan Investment Bonds (PIBs) which in turn led to a surge in domestic buying.

On the economic front, as per data released by the State Bank of Pakistan (SBP), remittances sent home by overseas Pakistanis inched up by 9.58% YoY to US$ 2,462.95mn in Oct’23. On MoM basis, remittances appreciated by 11.63%.

The benchmark KSE 100 index recorded a noteworthy increase of 4.27% over the outgoing week. During the day, the index flew to day’s high of 55,506.33 with an impressive surge of 1,244.90 pts (or 2.29%). It settled higher by 1,129.94 pts at 55,391.37. The KMI 30 index appreciated by 2,155.03 pts ending at 94,456.34. While the KSE All share index went up by 648.12 pts closing the week at 36,794.78.

Investor activity witnessed an increase from 481.67 mn shares in the previous session to 639.91 mn shares. Cynergyico PK Limited (CNERGY +10.91%), Hum Network Limited (HUMNL +7.59%) and Pakistan Refinery Limited (PRL +2.21%) were volume leaders of the session. The scrips had 103.46 mn shares, 42.41 mn shares and 31.06 mn shares traded, respectively.

Sectors propelling the benchmark KSE 100 index forward included, Power Generation and Distribution sector (+221.72 pts), Fertilizer sector (+174.65 pts) and Banking sector (+165.10 pts). Company-wise, The Hub Power Company Limited (HUBC +185.01 pts), Engro Fertilizers Limited (EFERT +81.10 pts) and Oil and Gas Development Company Limited (OGDC +63.59 pts), were top points contributors.

The Power Generation and Distribution sector gained 5.69% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +5.92%), K-Electric Limited (KEL +4.76%), Kot Addu Power Company Limited (KAPCO +6.09%) and Pakgen Power Limited (PKGP +4.67%), all closed positive.

Values as at 05:15 PM PST