DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) regained momentum on Friday, ending the week on a high note. Indices accumulated gains for most part of the day while volume appreciated in contrast to prior session.

Equity markets worldwide showed mixed trend. Crude oil prices moved south with WTI crude oil price falling by -0.82% to $82.05. While Brent crude oil price was down by 0.84% to $86.38. (As at 4:59 PM PST, Source: Investing.com).

The benchmark KSE 100 index gained 0.85% WoW. It initially dripped to day’s low of 70,186.93 losing 103.19 pts. Gaining strength, the index then reached day’s high of 70,968.98 gaining 678.86 pts. It closed higher by 619.79 pts at 70,909.90, only 90 pts away from the 71,000 mark. The KMI 30 index appreciated by 1,218.13 pts ending the day at 118,572.72. While the KSE All share index swelled by 339.38 pts closing the day at 46,547.23.

Investor participation ballooned from 440.12 mn shares in the previous session to 475.63 mn shares. Pakistan Refinery Limited (PRL +2.08%) topped the volume chart with 49.66 mn shares traded. Next in line were, Cynergyico PK Limited (CNERGY -1.76%) and Kohinoor Spinning Mills Limited (KOSM +2.06%). The scrips had 26.78 mn shares and 22.83 mn shares traded, respectively.

Sectors driving the benchmark KSE 100 index towards victory included, Banking sector (+231.49 pts), Fertilizer sector (+174.01 pts) and Power Generation and Distribution sector (+109.97 pts). Company-wise, The Hub Power Company Limited (HUBC +116.25 pts), Engro Fertilizers Limited (EFERT +60.71 pts) and Meezan Bank Limited (MEBL +51.55 pts), drove the index north.

The Banking sector gained 1.30% in its cumulative market capitalization. Meezan Bank Limited (MEBL +1.68%), United Bank Limited (UBL +1.39%), MCB Bank Limited (MCB +0.75%) and Habib Bank Limited (HBL +0.64%), all closed in red.

Values as at 05:14 PM