DAILY MARKET WRAP

Positive sentiments continued to surround the Pakistan Stock Exchange (PSX) on last trading session of the week. Indices traded in green all day long while volumes surged from last close. As per analysts, lack of political tension and ongoing result season helped retain investors’ interest in the market.

Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 0.58% to $75.19. While Brent crude oil price was up by 0.72% to $78.78. (As at 3:58 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s total liquid foreign exchange reserves appreciated by US$59 mn on WoW basis. Net reserves with the State Bank surged by US$30 mn on weekly basis. While net reserves with banks went up by US$ 29 mn.

Clenching 326.77 pts, the benchmark KSE 100 index recorded intraday high of 41,790.68. It settled higher by 116.94 pts at 41,580.85. The KMI 30 index lost 41.43 pts closing at 72,354.37. While the KSE All share index ended at 27,428.44 with an addition of 137.50 pts.

Overall market volumes rose from 169.03 mn shares in the previous session to 267.75 mn shares. Two scrips from the refinery sector secured top positions on the volume chart namely Cynergyico PK Limited (CNERGY +3.11%) with 23.20 mn shares traded and Pakistan Refinery Limited (PRL +5.54%) with 22.17 mn shares traded. While third position was taken by Silkbank Limited (SILK +10.89%) with 21.77 mn shares exchanged.

Sectors driving the benchmark KSE 100 index forward included, Banking sector (69.20 pts), Pharmaceutical sector (39.97 pts) and Chemical sector (17.80 pts). Company-wise, United Bank Limited (UBL 90.92 pts), Meezan Bank Limited (MEBL 20.71 pts) and Dawood Hercules Corporation Limited (DAWH 16.79 pts), were top points contributors.

The Refinery sector gathered 2.69% in its cumulative market capitalization. Cynergyico PK Limited (CNERGY 3.11%), Attock Refinery Limited (ATRL +1.60%), National Refinery Limited (NRL +4.11%) and Pakistan Refinery Limited (PRL 5.54%) all closed positive.

Values as at 05:10 PM PST