DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) endured a rangebound session on Friday. Indices swayed in both directions while volumes contracted from last close. Equity markets around the globe showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by 3.13% to $76.03 while Brent crude oil price was down by 3.03% to $82.56 (As at 5:02 PM PST Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves rose by US$ 163 mn WoW. Net reserves surged by US$ 276 mn on weekly basis. While net reserves with banks fell by US$ 114 mn.

The benchmark KSE 100 index lost 1.49% on WoW basis. During the day, the index oscillated between intraday high of 41,214.07 (+135.42 pts) and low of 40,964.98 (-113.67 pts). The index settled flat by positive 39.96 pts at 41,118.61. The KMI 30 index gained 54.01 pts ending at 70,981.08. While the KSE All Share index depreciated by 46.62 pts closing at 27,319.74.

Overall market volumes contracted from 141.71 mn shares in the previous session to 109.73 mn shares. Worldcall Telecom Limited (WTL -1.65%) was highest contributor to the volume chart with 12.09 mn shares traded. Followed by The Bank of Punjab (BOP -2.86%) and Bank Islami Pakistan Limited (BIPL -0.53%). The scrips had 11.91 mn shares and 7.35 mn shares traded, respectively.

Sectors that rescued the benchmark KSE 100 index from negative zone included Technology and Communications sector (35.90 pts), Fertilizer sector (29.89 pts) and Banking sector (15.44 pts). Company-wise, Systems Limited (SYS 30.74 pts), Oil and Gas Development company Limited (OGDC 21.82 pts) and Fauji Fertilizer Company limited (FFC 14.67 pts), were top points contributors.

The Technology and Communication sector recorded an increase of 0.88% in its cumulative market capitalization. Systems Limited (SYS 1.23%), TRG Pakistan Limited (TRG 0.59%) and NetSol Technologies Limited (NETSOL 0.67%), all closed in green.

Values as at 05:07 PM PST