DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) changed its course, ending last session of the week on a positive note. Indices traded in green for most part of the day while volumes dropped from last close. As per analysts, investors kept their hopes up with regards to the budget.

Equity markets around the world showed mixed trend. Crude oil prices moved north with WTI crude oil price rising by 0.38% to $71.56. While Brent crude oil price was up by 0.42% to $76.28. (As at 4:59 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 depreciated by US$178 mn on WoW basis. Net reserves with the State Bank fell by US$179 mn on weekly basis. While net reserves with banks went up by US$ 1 mn.

The benchmark KSE 100 index gained 1.33% on WoW. Accumulating 245.36 pts, the index reached day’s high of 41,931.83. It then slipped to day’s low of 41,677.14 losing 9.32 pts. The index settled higher by 217.75 pts at 41,904.21. The KMI 30 index appreciated by 356.44 pts settling at 72,286.64. While the KSE All share index went up by 129.26 pts closing at 28,253.70.

Overall market volumes shrank form 203.56 mn shares in the previous session to 163.78 mn shares. TPL Properties Limited (TPLP +2.96%) made its way to the top of the volume chart with 19.47 mn shares traded. Followed by Unity Foods Limited (UNITY +1.58%) and Worldcall Telecom Limited (WTL +0.85%). The scrips had 13.87 mn shares, 13.37 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index north included Technology and Communication Limited (74.38 pts), Chemical sector (53.53 pts) and Textile Composite sector (29.69 pts). Company-wise, Colgate (Palmolive) Pakistan Limited (COLG 45.84 pts), Systems Limited (SYS 39.81 pts) and TRG Pakistan Limited (TRG 27.53 pts), contributed positively to the index.

The Chemical sector gathered 3.26% in its cumulative market capitalization. Colgate Palmolive (Pakistan) Limited (COLG 7.50%), Lucky Core Industries (LCI 1.01%), Lotte Chemical Pakistan Limited (LOTCHEM 1.79%) and Engro Polymer and Chemicals Limited (EPCL 0.64%), all ended in green.

Values as at 05:12 PM PST