DAILY MARKET WRAP

Carrying forward gains made in the previous session, the Pakistan Stock Exchange (PSX) ended the session on Friday in green. Indices accumulated gains all day long while volumes grew from last close. Equity markets around the globe showed negative trend. Crude oil prices moved south with WTI crude oil price falling by 0.73% to $75.17. While Brent crude oil price was down by 0.58% to $81.12. (As at 4:51 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), remittances sent home by overseas Pakistanis fell by 9.49% YoY to US$ 1,988 mn. On MoM basis, On month on month, an increase of 4.95% was recorded.

The benchmark KSE 100 index gained 1.11% on WoW. Accumulating 316.48 pts, the benchmark KSE 100 jumped to day’s high of 41,902.02. It settled higher by 208.33 pts closing at 41,793.87. The KMI 30 index gathered 306.75 pts settling at 71,775.28. While the KSE All share index surged by 162.46 pts to end at 27,358.27.

Overall market volumes appreciated from 229.04 mn shares in the previous session to 272.00 mn shares. Highest participation was witnessed in Fauji Foods Limited (FFL +11.33%) with 24.33 mn shares traded. Followed by Telecard Limited (TELE +5.11%) and Worldcall Telecom (WTL +0.76%). The scrips had 23.34 mn shares and 18.89 mn shares traded, respectively.

Sectors lifting the benchmark KSE 100 index higher included, Banking sector (70.78 pts), Technology and Communication sector (36.14 pts) and Fertilizer sector (36.04 pts). Company-wise, Systems Limited (SYS 27.76 pts), Engro Fertilizers Limited (EFERT 26.84 pts), MCB Bank Limited (MCB 15.87 pts), drove the index north.

The Banking sector gained 0.83% in its cumulative market capitalization. Meezan Bank Limited (MEBL 1.31%), MCB Bank Limited (MCB 1.20%), United Bank Limited (UBL 0.02%) and Habib Bank Limited (HBL 0.63%), all closed positive.

Values as at 05:11 PM PST