DAILY MARKET WRAP

Upward momentum persisted at the Pakistan Stock Exchange (PSX) on Thursday. Indices traded in green all day long while volumes grew compared to previous session. As analysts noted, the market experienced a resurgence because investors anticipated a decline in interest rates in the upcoming year, alongside a widespread revaluation of market dynamics.

Global equity markets showed positive trend. Crude oil prices moved in the opposite direction with WTI crude oil price falling by 1.50% to $73.00. While Brent crude oil price was down by 1.23% to $78.56. (As at 3:44 PM PST, Source: Investing.com).

The benchmark KSE 100 index gathered 1,887.15 pts and climbed to day’s high of 62,750.78. It settled higher by 1,188.61 pts at 62,052.24. The KMI 30 index gathered 1,813.78 pts settling at 104,072.49. While the KSE All share index jumped by 883.39 pts ending at 41,568.01.

Market volume improved from 668.01 mn shares in the previous session to 674.45 mn shares. Highest participation was witnessed in K-Electric Limited (KEL -2.66%), Worldcall Telecom Limited (WTL -0.70%) and Fauji Foods Limited (FFL -3.29%). The scrips had 62.89 mn shares, 46.19 mn shares and 43.05 mn shares traded, respectively. Out of the total scrips traded 277 advanced, 79 declined and 186 remained unchanged.

Sectors driving the benchmark KSE 100 index north included, Banking sector (366.88 pts), Oil and Gas Exploration sector (+168.44 pts) and Cement sector (+156.75 pts). Company-wise, The Hub Power Company Limited (HUBC +116.27 pts), Bank AL Habib Limited (BAHL +102.56 pts) and Mari Petroleum Company Limited (MARI +99.36 pts), added gains to the index.

The Banking sector gained 2.56% in its cumulative market capitalization. Meezan Bank Limited (MEBL +3.18%), United Bank Limited (UBL +1.42%), MCB Bank Limited (MCB +2.10%) and Habib Bank Limited (HBL +1.06%), all closed positive.

Values as at 04:06 PM