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DAILY MARKET WRAP
PSX Closes 506.53 pts Away From 50,000!
The Pakistan Stock Exchange (PSX) displayed outstanding performance on last trading session of the week. Indices traded within the green zone for most part of the day with the benchmark KSE 100 index rising to levels last seen in 2017. Investor participation also showed a significant increase compared to previous session.
On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid Foreign Exchange Reserves continued to decline. Net reserves with the State Bank inched up by US$31 mn on weekly basis. While net reserves with banks declined by US$32 mn.
The benchmark KSE 100 index gained 4.21% on WoW. During the day, it lost 4.73 pts crawling to day’s low of 48,767.59. It then continued to gain momentum till it reached day’s high of 49,485.10 (gaining 713.39 pts). The index settled higher by 721.76 pts at 49,493.47. The KMI 30 index surged by 1,355.65 pts ending at 83,956.82. While the KSE All share index grew by 506.48 pts settling at 33,049.41.
Overall market volume swelled from 342.14 mn shares to 555.94 mn shares on Friday (up by 62.49%). K-Electric Limited (KEL +9.83%) maintained its title as volume leader all week long. The scrip had a total of 134.87mn shares traded. Followed by Pakistan Telecommunication Company Limited (PTC +14.84%) and Worldcall Telecom Limited (WTL +3.08%). The scrips had 48.39 mn shares and 33.56 mn shares traded, respectively.
Sectors that propelled the benchmark KSE 100 index into positive territory included Banking sector (+229.21 pts), Oil and Gas Exploration sector (+138.81 pts) and Cement sector (+70.75 pts). Company-wise, Pakistan Petroleum Limited (PPL +74.62 pts), Meezan Bank Limited (MEBL +48.69 pts) and Millat Tractors Limited (MTL +47.72 pts), led the index north.
The Banking sector gained +2.06% in its cumulative market capitalization. Meezan Bank Limited (MEBL +3.01%), United Bank Limited (UBL +1.49%), MCB Bank Limited (MCB +1.91%) and Habib Bank Limited (HBL +1.94%), all closed positive.
Values as at 05:13 PM PST