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DAILY MARKET WRAP
PSX Ends Week on Positive Note!
The Pakistan Stock Exchange (PSX) ended the week with a strong recovery. Indices accumulated gains all day long while volumes increased from last close. Analysts attributed the bullish sentiment to an improved foreign exchange reserves position this week.
Equity markets around the globe showed negative trend. Crude oil prices moved north with WTI crude oil price rising by 1.08% to $76.47. While Brent crude oil price was up by 1.26% to $80.64 (As at 4:04 PM PST, Source: Investing.com).
On the economic front, as per data released by the State Bank of Pakistan (SBP), the country’s liquid foreign exchange reserves appreciated by US$4.23 bn on WoW basis. Net reserves with State Bank of Pakistan up by US$4.20 bn on weekly basis. While net reserves with Banks increased by US$ 24 mn.
The benchmark KSE 100 index gained 1.89% on WoW basis. It crawled to day’s high of 46,122.16 (gaining 723.85 pts). The index settled higher by 522.42 pts at 45,920.73. The KMI 30 index gained 386.04 pts closing at 77,020.15. While the KSE All share index was up by 313.07 pts ending the session at 30,731.25.
Overall market volumes grew 464.12 mn shares in the previous session to 503.45 mn shares. Worldcall Telecom Limited (WTL +0.70%) secured first position on the volume chart with 106.13 mn shares traded. Followed by Fauji Foods Limited (FFL +1.03%) with 44.23 mn shares exchanged and Cynergyico PK Limited (CNERGY +8.09%) with 35.91 mn shares traded.
Sectors painting the benchmark KSE 100 index in green included, Banking sector (359.16 pts), Chemical sector (57.55 pts) and Technology and Communication sector (34.53 pts). Company-wise, United Bank Limited (UBL 102.75 pts), Colgate Palmolive Pakistan Limited (COLG 60.35 pts) and Meezan Bank Limited (MEBL 58.54 pts), were top positive contributors.
The Commercial Banks sector gained 3.41% in its cumulative market capitalization. Meezan Bank Limited (MEBL 3.98%), United Bank Limited (UBL 4.74%), MCB Bank Limited (MCB 2.91%) and Habib Bank Limited (HBL 1.31%) all closed in green.
Values as at 05:10 PM PST