DAILY MARKET WRAP

Carrying forward gains made in the previous session, the Pakistan Stock Exchange (PSX) ended the session on Friday in green. Indices traded in green for most part of the day while volumes shrank from previous close. Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 0.27% to $71.06. While Brent crude oil was up by 0.28% to $75.19. (As at 5:17 PM PST, Source: Investing.com).

On the economic front, as per data released by the State Bank of Pakistan (SBP), total liquid foreign exchange reserves depreciated by US$53 mn on WoW basis. Net reserves with State Bank of Pakistan fell by US$74 mn on weekly basis. While net reserves with Banks up by US$ 21 mn.

The benchmark KSE 100 index lost 1.79% WoW. During the day, the benchmark KSE 100 index slid by 26.24 pts recording day’s low of 41,299.39. Gaining momentum, it then reached day’s high of 41,649.15 (up by 323.52 pts). The index settled higher by 161.95 pts at 41,487.58. The KMI 30 index surged by 370.05 pts closing at 71,254.42. While the KSE All share index closed at 27,406.52 pts with an addition of 103.07 pts.

Overall market volumes contracted from 96.80 mn shares in the previous session to 89.45 mn shares. Leading the volume chart with 9.55 mn shares was Worldcall Telecom Limited (WTL +0.00%). Followed by Maple Leaf Cement Factory Limited (MLCF +0.39%) and Sui Northern Gas Pipelines Limited (SNGP +0.57%). The scrips had 5.41 mn shares and 4.16 mn shares traded, respectively.

Sectors contributing positively to the benchmark KSE 100 index included, Investment Banking sector (54.49 pts), Cement sector (48.90 pts), and Paper and Board sector (12.83 pts). Company-wise, Dawood Hercules Corporation Limited (DAWH 54.76 pts), Lucky Cement Limited (LUCK 22.58 pts) and Packages Limited (PKGS 14.61 pts), were top positive contributors.

The Textile Composite sector gained 1.08% in its cumulative market capitalization. Interloop Limited (ILP 1.45%), Sapphire Fiber Limited (SFL 7.50%), Nishat Mills Limited (NML 1.61%) and Gul Ahmed Textile Mills Limited (GATM 0.31%), all closed in green.

Values as at 05:19 PM PST