DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) concluded a quiet trading session flat on Friday. Indices remained relatively stable with minimal fluctuations while investor participation declined compared to previous session.

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid Foreign Exchange Reserves went down by US$131 mn WoW. Net reserves with the State Bank fell by US$ 21 mn on weekly basis. While net reserves with banks were down by US$ 110 mn.

Moreover, as per data released by the Pakistan Bureau of Statistics (PBS), SPI for the week ended on 5th October 2023 increased by 0.11%. On YoY basis, an increase of 37.07% was reported.

The benchmark KSE 100 index gained 2.73% on WoW. During the day, it swung between intraday high of 47,619.26 (gaining 166.88 pts) and intraday low of 47,402.58 (losing 49.80 pts). The index settled flat by positive 41.19 pts at 47,493.57. The KMI 30 index went up by 289.70 pts ending the session at 79,978.23. While the KSE All share index appreciated slightly by 15.60 pts concluding the session at 31,832.86.

Overall market volume fell from 462.54 mn shares in the previous session to 246.08 mn shares. Worldcall Telecom Limited (WTL -3.60%) remained the volume leader all week long. However, its participation decreased from 190.10 mn shares on Thursday to 41.32 mn shares. Followed by K-Electric Limited (KEL +3.17%) and Telecard Limited (TELE +2.24%). The scrips had 28.16 mn shares and 11.77 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included, Power Generation and Distribution sector (+59.53 pts), Automobile Assembler sector (+38.95 pts) and Technology and Communication sector (+36.70 pts). Company-wise, The Hub Power Company Limited (HUBC +50.79 pts), Millat Tractors Limited (MTL +38.70 pts) and Dawood Hercules Corporation Limited (DAWH +22.38 pts), were top points contributors.

The Power Generation and Distribution sector gained +1.91% in its cumulative market capitalization. The Hub Power Company Limited (HUBC +2.18%), K-Electric Limited (KEL +3.62%), Kot Addu Power Company Limited (KAPCO +0.26%) and Pakgen Power Limited (PKGP +1.15%), all closed positive.

Values as at 05:15 PM PST