DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) closed a volatile trading session on Friday with minimal change. Despite trading in green for most of the day, the market lost momentum towards the session’s end, finishing nearly flat. Overall volume declined compared to the previous session.

Global equity markets exhibited negative trend. Crude oil prices moved north, with WTI crude oil prices rising by 1.70% to $74.25. While Brent crude oil price appreciated by 1.52% to $78.39 (As at 4:44 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 0.97% WoW. During the day, the index recorded an intraday high of 79,173.94 with an addition of 380.53 pts. It closed the session flat by positive 8.01 pts at 78,801.43. The KMI 30 index closed at 124,211.98 with a loss of 625.74 pts. While the KSE All share index inched up by 142.44 pts to end the day at 50,761.34.

Investor activity fell from 797.84 mn shares in the prior session to 681.86 mn shares. Kohinoor Spinning Mills Limited (KOSM -8.92%), K-Elektric Limited (KEL +6.24%) and Pace Pakistan Limited (PACE +12.16%), led the volume chart. The scrips had 81.71 mn shares, 71.85 mn shares and 36.74 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included Pharmaceutical (+168.90 pts), Chemical (+30.89 pts) and Banking sector (+28.04 pts). Company-wise, United Bank Limited (UBL +66.12 pts), Hinoon Laboratories Limited (HINOON +52.62 pts) and Abbott Laboratories (Pakistan) Limited (ABOT +49.11 pts), were top points contributors.

The Banking sector gained 0.14% in its cumulative market capitalization. Meezan Bank Limited (MEBL +0.35%), United Bank Limited (UBL +1.46%) MCB Bank Limited (MCB +0.32%), and Standard Chartered (Pak) Bank Limited (SCBPL +2.78%), all closed in green.

Values as at 04:15 PM