DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed flat for fourth consecutive session. Indices swung in both directions while volumes surged from previous close. As per analysts, investors adopted a cautious approach owing to the rumours about new taxes in the forthcoming budget.

Equity markets around the globe showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.98% to $72.56. While Brent crude oil price was up by 0.75% to $76.84. (As at 5:06 PM PST, Source: Investing.com).

On the economic front, as per data published by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves depreciated by US$207 mn on WoW basis. Net reserves with State Bank of Pakistan fell by US$119 mn on weekly basis. While net reserves with Banks declined by US$ 88 mn.

The benchmark KSE 100 index went down by 1.53% on WoW basis. During the day, it gained 118.88 pts recording intraday high of 41,148.56. It then lost 245.88 pts and slipped to day’s low of 40,783.80. The index settled flat by negative 65.13 pts at 40,964.54. The KMI 30 index fell 28.17 pts closing the session at 70,288.50. While the KSE All share index settled at 27,416.02 with a loss of 11.71 pts.

Total traded volumes appreciated from 123.70 mn shares in the previous session to 168.28 mn shares. Worldcall Telecom Limited (WTL +0.00%). Followed by Maple Leaf Cement Factory Limited (MLCF +5.10%) and National Bank of Pakistan (NBP -1.46%) topped the volume chart. The scrips had 10.34 mn shares, 9.79 mn shares and 6.68 mn shares exchanged, respectively.

Sectors painting the benchmark KSE 100 index in red included, Technology and Communication sector (74.68 pts), Oil and Gas Exploration sector (56.29 pts) and Banking sector (41.72 pts). Companies that drove the index south included Systems Limited (SYS 33.62 pts), Pakistan Petroleum Limited (PPL 33.30 pts) and TRG Pakistan Limited (TRG 29.63 pts).

The Refinery sector lost 2.96% in its cumulative market capitalization. Cynergyico PK Limited (CNERGY 4.48%), Attock Refinery Limited (ATRL 3.32%), Pakistan Refinery Limited (PRL 0.99%) and National Refinery Limited (NRL 0.22%), all closed negative.

Values as at 05:23 PM PST