DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) gave in to profit taking on last trading session of the week, ending the session in red. Indices traded between both zones while market volume lowered compared to previous session.

On the economic front, as per data published by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves went down by US$ 79 mn WoW. Net reserves with the State Bank fell by US$115 mn on weekly basis. While net reserves with banks increased by US$36 mn.

The benchmark KSE 100 index gained 3.02% on WoW basis. During the day, it swung between intraday high of 57,750.93 (gaining +353.90 pts) and intraday low of 56,977.02 (losing 420.00 pts). It settled lower by 333.87 pts at 57,063.16. The KMI 30 index plunged by 1,106.77 pts ending at 97,815.07. While the KSE All share index shed 64.29 pts closing at 38,318.55.

Investor participation shrank from 1.05 bn shares in the last session to 900.72 mn shares. Worldcall Telecom Limited (WTL +0.00%) remained the volume leader with 176.71 mn shares traded. Followed by K-Electric Limited (KEL +2.49%) and Fauji Foods Limited (FFL +12.80%). The scrips had 76.30 mn shares and 46.46 mn shares exchanged, respectively.

Sectors driving the benchmark KSE 100 index south included, Power Generation and Distribution sector (-119.35 pts), Cement sector (-79.30 pts) and Oil and Gas Exploration sector (-77.46 pts). Company-wise, The Hub Power Company Limited (HUBC -103.38 pts), Engro Fertilizers Limited (EFERT -55.39 pts) and Oil and Gas Development Company Limited (OGDC -53.81 pts), dragged the index lower.

The Refinery sector lost 2.40% in its overall market capitalization. Attock Refinery Limited (ATRL -2.12%), National Refinery Limited (NRL -2.03%), Cynergycio PK LIMTED (CNERGY -3.19%) and Pakistan Refinery Limited (PRL -1.32%), all closed in red.

Values as at 05:07 PM PST