Good Morning: PSX turns green

May 11, 2023 (MLN): Pakistan stock exchange on Thursday opened on a bullish note as investors opted for value buying and cheered the newsflows, stating that the fund remains engaged with Pakistan on
securing funding and policy assurances with the goal of reaching an agreement which led the KSE-100 index to gain 350.69 points at [9:44 AM] so far and is currently trading at 41,425.35 points level.

The index turned green after witnessing the blood bath for two consecutive sessions as the positive sentiments mainly stemmed from the IMF's fresh statement.

Investors are now hopeful that the IMF agreement will be signed in days to come. 

On the energy side, the price of Richard Bay Coal dropped to $117 per ton, down by $4.5 per ton from previous close.  

Sector-wise, Cement, Technology, Fertilizers, Commercial Banks and Oil & Gas Exploration companies have witnessed the maximum gains so far.

Scrip-wise, LUCK, SYS, ENGRO, PKGS and POL observed the highest-buying activity.

In addition to it, the IMF sees no indication Pakistan wants to pause negotiations on disbursement from the current program.

According to IMF, Pakistan authorities have committed not to introduce a fuel cross-subsidy scheme in F23 and beyond.

Earlier this week, the local bourse observed huge selling pressure on the back of Chairman PTI Imran Khan's arrest by the Rangers in the Al-Qadir Trust case from outside of the Islamabad High Court on Tuesday.

Following his arrest, major cities have become the victim of vandalism as the law and order situation has completely deteriorated. 

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