DAILY MARKET WRAP

The Pakistan Stock Exchange (PSX) ended another volatile session on Friday flat. Indices traded between both zones while volumes fell from last close. Equity markets around the globe showed positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.70% to $71.29. While Brent crude oil price was up by 1.56% to $75.44 (As at 4:56 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 depreciated by US$218 mn on WoW basis. Net reserves with State Bank of Pakistan fell by US$102 mn on weekly basis. While net reserves with Banks declined by US$ 116 mn.

The benchmark KSE 100 index gained 0.95% on WoW basis. During the day, the index oscillated between intraday high of 41,403.44 (gaining 136.66 pts) and intraday low of 41,237.41 (losing 29.36 pts). It settled flat by positive 86.22 pts at 41,352.99. The KMI 30 index fell by 194.81 pts closing at 71,124.31. While the KSE All share index went up by 76.80 pts ending the session at 27,699.53.

A minor decrease was recorded in overall market volumes from 99.93 mn shares in the previous session to 99.19 mn shares. Topping the volume chart with 10.34 mn shares traded was Pakistan International Bulk Terminal Limited (PIBTL +8.16%). Followed by Worldcall Telecom (WTL -1.70%) and D. G. Khan Cement Company Limited (DGKC +5.21%). The scrips had 9.40 mn and 8.11 mn shares exchanged, respectively.

Sectors pushing the benchmark KSE 100 index towards the negative zone included, Banking sector (56.29 pts), Food and Personal Care Products sector (26.62 pts) and Textile Composite sector (10.00 pts). Company-wise, Nestle Pakistan Limited (NESTLE 24.86 pts), United Bank Limited (UBL 23.63 pts) and Mari Petroleum Company Limited (MARI 16.57 pts), were top negative contributors.

The Cement sector gained 0.84% in its cumulative market capitalization. Bestway Cement Limited (BWCL 7.50%), Maple Leaf Cement Factory Limited (MLCF 2.12%) and Cherat Cement Company Limited (CHCC 0.24%), all closed in green.

Values as at 05:13 PM PST