DAILY MARKET WRAP (1)

The Pakistan Stock Exchange (PSX) continued its road to recovery on Friday. Bulls maintained positive momentum throughout the trading day. Market volume surged compared to previous session. Analysts attributed the rally to listing of Treet Battery Limited along with reduction in fears of currency devaluation because of a more balanced current account.

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves went up by US$ 99 mn WoW. Net reserves with the State Bank increased by US$21 mn on weekly basis. While net reserves with banks surged by US$79 mn.

The benchmark KSE 100 index displayed minor fluctuation compared to previous week as it recorded a change of -0.14% WoW. During the session it stretched to day’s high of 66,346.77 gaining 896.58 pts. It settled higher by 679.83 pts at 66,130.02. The KMI 30 index grew by 933.31 pts ending the session at 111,760.83. While the KSE All share index concluded the week at 44,049.22 with an addition of 556.71 pts.

Market volume ballooned from 981.12 mn shares in the last session to 1.74 bn shares. Out of the total scrips traded 56.49% belonged to KSE 100 scrips. K-Electric Limited (KEL +16.44%), World call Telecom Limited (WTL +8.33%) and Cynergyico PK Limited (CNERGY +18.80%) were top volume contributors. The scrips had 385.38 mn shares, 195.49 mn shares and 185.80 mn shares traded, respectively.

Sectors propelling the benchmark KSE 100 index north included, Oil and Gas Exploration (138.96 pts), Fertilizer sector (+105.02 pts) and Banking sector (+79.87 pts). Company-wise, Pakistan Petroleum Limited (PPL +104.69 pts), K-Electric Limited (KEL +64.10 pts) and Millat Tractors Limited (MTL +51.36 pts), added gains to the index.

The Oil and Gas Exploration sector gathered 1.67% in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC +1.41%), Pakistan Petroleum Limited (PPL +4.55%), Mari Petroleum Company Limited (MARI +0.53%) and Pakistan Oilfields Limited (POL +0.27%), all closed in green.

Values as at 05:07 PM