KARACHI: Pakistan Stock Exchange (PSX) showed recovery on Thursday as positive news regarding the disbursement of funds by the International Monetary Fund (IMF) helped the market sentiments. The benchmark Index breached 46,000 points in the morning.
The Karachi Share Index (KSE-100) gained 181.97 points (0.4 per cent) after closing at 45,726.17 points against the previous closing of 45,544.20 points. The market went as high as 46,000.86 points during intra-day trading while recorded as low as 45,544.20 points. According to PSX website data, trading volume increased to 470.4 million shares
today compared to 409.6 million traded in the previous session.
The daily traded value inched up to Rs 25.8 billion from Rs 25.6 billion in the previous session, the data said. “The IMF’s fund release news is the only reason for the bull run today,” Khurram Schezad, CEO Alpha Beta Core, said in a phone interview from Karachi.
The IMF approved the immediate disbursement of $ 500 million for Pakistan. “After reviewing Pakistan’s reform program supported by the IMF Extended Fund Facility, the Fund’s Executive Board approved the immediate disbursement of about US$500million for budget support.”
The share price of Nestle Pakistan increased by Rs 47.50 to Rs 5,997.50, while Pakistan Tobacco gained Rs 46.33 to Rs 1,599.98. On the other hand, Island Textile lost Rs 72.50 today to close at Rs 2,000, while Sapphire Fiber lost Rs 54.32 to close at Rs 840.