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DAILY MARKET WRAP
Volatile Session Ends Flat!
The Pakistan Stock Exchange (PSX) ended last trading session of the week flat. Indices oscillated in both directions while volumes grew from last close. Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.25% to $70.80. While Brent crude oil price was up by 0.22% to $75.84. (As at 4:59 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), total liquid foreign exchange reserves increased by US$43 mn on WoW basis. Net reserves with the State Bank surged by US$107 mn on weekly basis. While net reserves with banks went down by US$ 63 mn.
The benchmark KSE 100 index lost 1.44% on WoW basis. It gained 243.51 pts during early hours of trade recording intraday high of 41,612.67. Shedding the gains, the index then slipped to day’s low of 41,280.16 losing 89.00 pts. It settled flat by negative 67.87 pts at 41,301.30. The KMI 30 index dropped by 167.23 pts ending at 70,996.12. While the KSE All share index closed at 27,920.67 with a loss of 99.70 pts.
Total traded volume appreciated from 149.04 mn shares in the previous session to 155.96 mn shares. Highest volumes were witnessed in TPL Properties Limited (TPLP -1.52%), K-Electric Limited (KEL -6.86%) and Hascol Petroleum Limited (HASCOL +4.27%). The scrips had 23.95 mn shares, 17.77 mn shares and 16.28 mn shares traded, respectively.
Sectors dragging the benchmark KSE 100 index lower included, Banking sector (66.73 pts), Power Generation and Distribution sector (47.37 pts) and Fertilizer sector (40.83 pts). Company-wise, Meezan Bank Limited (MEBL 32.13 pts), Pakistan State Oil Company Limited (PSO 26.32 pts) and The Hub Power Company Limited (HUBC 22.38 pts), contributed negatively to the index.
The Power Generation and Distribution sector lost 1.06% in its cumulative market capitalization. The Hub Power Company Limited (HUBC 0.61%), K-Electric Limited (KEL 6.86%), Kot Addu Power Company Limited (KAPCO 1.14%) and Pakgen Power Limited (PKGP 3.51%), all ended negative.
Values as at 05:10 PM PST