DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) managed to regain some ground on last trading session of the week after facing serious setbacks in preceding sessions. Indices swung high and low before closing in green while volumes dropped from last close. As per analysts, investors breathed a sigh of relief after the State Bank denied rumors of an emergency monetary policy meeting.

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves went down by US$ 77mn WoW. Net reserves with the State Bank fell by US$ 82 mn on weekly basis. While net reserves with banks inched up by US$4 mn.

The benchmark KSE 100 index lost 4.95% on WoW. During the day, it oscillated between intraday low of 44,795.82 (losing 206.60 pts) and intraday high of 45,358.29 (gaining 355.87 pts). The index settled higher by 310.24 pts at 45,312.66. The KMI 30 index gathered 355.63 pts closing at 75,324.89. While the KSE All share index ballooned by 201.56 pts ending at 30,243.53.

Investor participation decreased from 287.16 mn shares in the previous session to 161.68 mn shares. Nishat Chunain Power Limited (NCPL -5.27%) dominated the volume chart with 14.18 mn shares traded. Next in line were Worldcall Telecom Limited (WTL +0.88%) and Al Shaheer Corporation Limited (ASC +6.86%). The scrips had 12.70 mn shares and 12.15 mn shares traded, respectively.

Sectors adding gains to the benchmark KSE 100 index included, Oil and Gas Exploration sector (+111.14 pts), Banking sector (+66.48 pts) and Power Generation and Distribution sector (+55.94 pts). Company-wise, The Hub Power Company Limited (HUBC +49.53 pts), Pakistan Oilfields Limited (POL +38.89 pts), United Bank Limited (UBL +35.86 pts), were top points contributors.

The Power Generation and Distribution gathered 2.13% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +2.46%), K-Electric Limited (KEL +1.06%), Nishat Power Limited (NPL +2.77%) and Kot Addu Power Limited (KAPCO +1.78%), all closed positive.

Values as at 05:12 PM PST