DAILY MARKET WRAP

Investors of the Pakistan Stock Exchange (PSX) witnessed a tug-of-war between bulls and bears on Friday, where the former turned out as winners. Indices swayed in both directions while volumes surged from last close. Equity markets around the world showed positive trend. Crude oil prices moved south with WTI crude oil price falling by 0.03% to $74.35. While Brent crude oil was down by 0.23% to $78.42, (As at 2:38 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 went down by US$323 mn WoW basis. Net reserves with the State Bank fell by US$ 354 mn WoW. Net reserves with banks on the other hand were up by US$ 31 mn.

The benchmark KSE 100 index gained 0.15% on WoW basis. During the day, the index oscillated between intraday high of 40,000.83 (up by 152.48 pts) and low of 39,729.44 (down by 118.91 pts). It ended higher by 152.48 pts at 40,000.83. The KMI 30 index up by 251.50 pts closing at 69,337.93. While the KSE All Shares index appreciated by 63.66 pts settling at 26,428.49.

Overall market volumes appreciated from 88.67 mn shares in last session to 112.19 mn shares. Highest volumes were witnessed in Pakistan International Bulk Terminal Limited (PIBTL +12.23%), Pak Electron Limited (PAEL +6.81%) and Hascol Petroleum Limited (HASCOL +4.59%). The scrips had 12.12 mn shares, 6.52 mn shares and 4.87 mn shares traded, respectively. Out of the total scrips traded, 153 advanced, 110 declined and 284 remained unchanged.

Sectors driving the benchmark KSE 100 index north included Banking sector (39.41 pts), Cement sector (28.12 pts) and Fertilizer sector (19.86 pts). Company-wise, Bank Al Habib Limited (BAHL 30.49 pts), Engro Fertilizers Limited (EFERT 30.40 pts) and Fauji Fertilizer Company Limited (FFC 17.23 pts), were top points contributors.

The Oil & Gas Marketing Companies sector gained 1.19% in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +2.50%), Attock Petroleum Limited (APL +0.10%) and Hascol Petroleum Limited (HASCOL +4.59%) all closed in green.

Values as at 02:24 PM PST