DAILY MARKET WRAP

Bulls of the Pakistan Stock Exchange (PSX) reappeared on last trading session of the week. Indices showed mixed performance while volumes appreciated from last close. Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 1.27% to $72.77. While Brent crude oil price was up by 1.28% to $76.83. (As at 4:52 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s total liquid foreign exchange reserves declined by US$53 mn on weekly basis. Net reserves with the State Bank fell by US$72 mn WoW. While net reserves with banks inched up by US$19 mn.

The benchmark KSE 100 index gained 0.27% on WoW. During the day, it slipped to day’s low of 41,354.33 falling by 87.74 pts. The index then gained 186.71 pts reaching day’s high of 41,628.79. It settled higher by 157.11 pts at 41,599.19. The KMI 30 index surged by 327.93 pts settling at 71,076.66. While the KSE All share index climbed up by 202.36 pts closing at 27,644.47.

Overall market volumes grew from 101.15 mn shares in the previous session to 120.28 mn shares. Worldcall Telecom Limited (WTL +1.79%) topped the volume chart with 19.98 mn shares exchanged. Followed by Air Link Communication Limited (AIRLINK +7.49%) with 6.10 mn shares traded. Searle Company Limited (SEARL -0.86%), a scrip from the Pharmaceutical sector, occupied third position with 4.86 mn shares traded.

Sectors driving the benchmark KSE 100 index forward included, Oil and Gas Exploration sector (53.30 pts), Cement sector (25.22 pts) and Miscellaneous sector (20.88 pts). Company-wise, Pakistan Petroleum Limited (PPL 21.77 pts), Pakistan Oilfields Limited (POL 21.42 pts) and Pakistan Services Limited (PSEL 20.38 pts), were top points contributors.

The Pharmaceutical sector gathered 1.89% in its cumulative market capitalization. Abott Laboratories (Pakistan) Limited (ABOT 2.41%), GlaxoSmithKline Pakistan Limited (GLAXO 1.21%), Highnoon Laboratories Limited (HINOON 2.85%) and Haleon Pakistan Limited (HALEON 6.94%), all closed positive.

Values as at 05:10 PM PST