Positive reports about IMF talks boost KSE-100 Index by 279 points

The Pakistan Stock Exchange witnessed a bullish trend on Wednesday with the benchmark KSE-100 gaining 279.35 points (0.67 percent) after the Finance Division rejected the rumours about imposition of economic emergency, saying no such proposal was under consideration.

Moreover, the sentiments were also boosted by Finance Minister Ishaq Dar’s statement in which he said the government is engaged with three major shareholders of the IMF in order to obtain timely inflows from the world’s top financial institution.

By the time trading was closed, the KSE-100 Index settled at 41,819.29 after reaching a high of 41,900.81.

Meanwhile, the total market volume stood at 69.41 million shares, which represented an increase of 49.62 percent when compared with 46.39 million shares traded on Tuesday.

On a whole, shares of 93 companies were traded on Wednesday, of which 55 recorded an increase, 35 registered a fall, whereas three remained unchanged.

In terms of sectors, major contributors were cement, technology, and commercial banks which positively contributed 150 points.

Meanwhile, the volume leaders on the benchmark index were TRG Pakistan Limited 9.37 million, Sui Northern Gas Pipelines Limited 7.05 million, Cnergyico PK Limited 5.47 million, Interloop Limited 5.19 million and Faysal Bank Limited 2.44 million.

The stocks that emerged as net gainers during the day included: Pakistan Services Limited 7.50 percent, Colgate-Palmolive Pakistan Limited 1.89 percent, Lucky Cement Limited 2.31 percent, Services Industries Limited 2.87 percent and Highnoon Laboratories Limited 1.57 percent.

On the other hand, the companies which lost the most during the session are: Rafhan Maize Products Company Limited 3.90 percent, Ibrahim Fibres Limited 3.01 percent, Abbott Laboratories (Pakistan) Limited 0.97 percent, GlaxoSmithKline Pakistan Limited 2.84 percent and Pak Suzuki Motor Company Limited 0.98 percent.

According to experts, stocks showed recovery led by selected shares on reports over advanced stage Pakistan- IMF 9th review talks, Dar’s commitment about completion of IMF programme with timely external debt payment and speculation over positive outcome of oil deal with Russia.

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