DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended a volatile session on Thursday flat. Indices traded in green all day long until finally closing flat, while volumes depreciated from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.23% to $68.44. While Brent crude oil price was up by 0.17% to $72.45. (As at 4:19 PM PST, Source: Investing.com).

On the economic front, as per data released by the All-Pakistan Cement Manufacturers Association (APCMA), domestic cement sales declined by 25.12% on YoY basis while exports increased by 168.15% from SPLY. On MoM basis, domestic cement sales fell by 24.58% while exports contracted by 3.88%.

Gathering 248.51 pts, the benchmark KSE 100 recorded intraday high of 42,336.44. Momentum eased later in the day and the index fell to day’s low of 42,055.90 (losing 32.03 pts). It settled flat by positive 5.87 pts at 42,093.80. The KMI 30 index fell by 219.82 pts closing at 72,913.75. While the KSE All share clenched 55.74 pts ending the session at 27,825.39.

Overall market volumes dropped from 287.75 mn shares in the previous session to 255.22 mn shares. Top contributors to the volume chart were, Maple Leaf Cement Factory (MLCF -0.38%), Fauji Foods Limited (FFL -1.36%) and Worldcall Telecom Limited (WTL -1.61%). The scrips had 23.41 mn shares, 17.09 mn shares and 13.60 mn shares traded, respectively.

Sectors contributing positively to the benchmark KSE 100 index included, Technology and Communication sector (51.18 pts), Banking sector (46.24 pts) and Food and Personal Care Products sector (39.11 pts). Company-wise, Engro Fertilizers Limited (EFERT 42.46 pts), Systems Limited (SYS 41.24 pts), and Nestle Pakistan Limited (NESTLE 24.81 pts), drove the index north.

The Food & Personal Care Products sector went up by 3.04% in its cumulative market capitalization. Nestle Pakistan Limited (NESTLE 7.50%), Unilever Pakistan Foods Limited (UPFL 7.48%), Rafhan Maize Products Limited (RMPL 7.50%) and Frieslandcampina Engro Pakistan Limited (FCEPL 0.96%), all closed in green.

Values as at 04:23 PM PST