PSX Sustains 49,000 Level to End the Week

The Pakistan Stock Exchange (PSX) ended the week on a high as the benchmark KSE-100 index sustained the 49,000 level after gaining over 700 points during Friday’s session. After opening trade at 48,771 points, the KSE-100 index went up by 721 points to 49,493 points after witnessing a 1.48 percent jump. The top bourse retained the level in support from Thursday’s bulls which saw the index at the highest level since 9 June 2017. The KMI 30 index surged by 1,355 points closing at 83,956, meanwhile the KSE All share index jumped by 506 points settling at 33,049. Sessions across the board concluded with a positive note which reflects a continuation of the current positive wave. Analysts have pointed out that the immediate focus remains at the 49,000-50,500 level. A break above 49,700 would instill bullishness towards 49,900 – 50,000 and later 50,500 would be on the cards. Considering the momentum, the prevalent trend warrants a cautious approach amid an overbought condition, in which case volatility in the market is likely to remain high. Sectors painting the benchmark KSE 100 index in green included the Banking sector, the Oil & Gas Marketing Companies sector, and Technology and Communication sector. Company-wise, Meezan Bank Limited, K-Electric Limited, Pakistan Telecommunication Company Limited, and Worldcall Telecom Limited were top positive contributors. The Commercial Banks sector gained 3.41 percent in its cumulative market capitalization. Meezan Bank Limited (MEBL 2.7 percent), United Bank Limited (UBL 1.45 percent), MCB Bank Limited (MCB 1.37 percent), and Habib Bank Limited (HBL 1.94 percent) all closed in green. Equity markets around the globe showed mixed trends. Meanwhile, crude oil prices moved north with WTI crude oil price rising by 4.14 percent to $86.34 per barrel while Brent surged by 3.99 percent to $89.43.