DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) continued to move north on last trading session of the week. After an initial dip, indices accumulated gains all day long while volumes appreciated in contrast to preceding session. Experts suggested that market sentiments improved following the State Bank's recent auction of treasury bills suggesting that the historically high interest rates may have hit their upper limit.

On the economic front, as per data published by the State Bank of Pakistan (SBP), the country reported a current account deficit of US$8 mn in Sep‘23 as compared to a deficit of US$360 mn in SPLY & of US$164 mn in Aug’23. On cumulative basis, the country reported a deficit of US$947 mn during Jul-Sep FY24 as compared to US$2,258 mn in SPLY.

The benchmark KSE 100 index gained 2.50% WoW. During the day, it oscillated between intraday low of 50,332.76 (losing 32.40 pts) and intraday high of 50,952.67 (gaining 587.52 pts). It settled higher by 366.72 pts at 50,731.87. The KMI 30 index gained 595.78 pts ending at 86,090.10. While the KSE All share index grew by 62.50 pts closing at 33,689.03.

Market volume inched up from 426.91 mn shares in the preceding session to 429.37 mn shares. Highest participation was witnessed in by Pakistan Refinery Limited (PRL +3.78%), K-Electric Limited (KEL -3.26%) and Worldcall Telecom Limited (WTL +0.00%). The scrips had 42.43 mn shares, 35.75 mn shares and 31.02 mn shares exchanged, respectively.

Top contributing sectors to the benchmark KSE 100 index were, Banking sector (+126.71 pts), Power Generation and Distribution sector (+115.66 pts) and Fertilizer sector (+97.32 pts). Company-wise, The Hub Power Company Power Company Limited (HUBC +126.31 pts), Fauji Fertilizer Company Limited (FFC +50.63 pts) and Bank Al Habib Limited (BAHL +32.27 pts), were top points contributors.

The Banking sector gained +1.09% in its overall market capitalization. Meezan Bank Limited (MEBL +0.11%), MCB Bank Limited (MCB +1.04%), Habib Bank Limited (HBL +2.30%) and Standard Chartered Bank (Pak) Limited (SCBPL +1.75%), all closed positive.

Values as at 05:08 PM PST