DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) regained momentum crossing the 50,000-mark for the second time this week reaching heights last seen in May 2017. Indices accumulated gains as soon as the opening bell rang while investor participation also appreciated compared to previous session.

Equity markets around the world showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 1.25% to $86.18. While Brent crude oil price was down by 1.39% to $90.23. (As at 3:59 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the Pakistani Rupee gained PKR 1.4734 (0.53%) against the US Dollar on DoD basis ending the session at PKR 278.8134/US$.

The benchmark KSE 100 index maintained positive momentum throughout the session recording intraday high of 50,399.92 gaining 968.45 pts. It settled higher by 933.68 pts ending at 50,365.15. The KMI 30 index swelled by 2,178.57 pts ending at 85,494.32. While the KSE All share index grew by 575.64 pts closing at 33,626.52.

Investor activity ballooned from 332.17 mn shares in the preceding session to 426.91 mn shares. K-Electric Limited (KEL +6.49%) regained its position as volume leader of the session with 83.14 mn shares traded. Followed by Pakistan Refinery Limited (PRL +3.38%) and Worldcall Telecom Limited (WTL -0.78%). The scrips had 37.66 mn shares and 25.82 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in green included, Banking sector (+210.07 pts), Oil and Gas Exploration sector (+203.40 pts) and Fertilizer sector (+152.68 pts). Companies that drove the index north included, Pakistan Petroleum Limited (PPL +108.79 pts), Engro Corporation Limited (ENGRO +104.35 pts) and The Hub Power Company Limited (HUBC +90.10 pts).

The Cement sector gained 1.20% in its cumulative market capitalization. Maple Leaf Cement Factory Limited (MLCF +1.36%), Bestway Cement Limited (BWCL +2.61%), Fauji Cement Company Limited (FCCL +4.01%) and Cherat Cement Company Limited (CHCC +1.23%), all closed positive.

Values as at 04:09 PM PST