KSE-100 index maintains gaining momentum, up by 729.25 points

January 25, 2023 (MLN): Despite political unrest, and dollar melancholy, the Pakistan Stock Exchange on Wednesday remained positive throughout the day with healthy activity across the board to close in green.

As a result, the KSE-100 index gained 729.25 points today (1.87% DoD) to settle at the 39,784.90 level.

At around 12:05 pm, the market marked an intraday high of 39,945.61 points and gained 889.96 (2.23%).

During a virtual conference yesterday, the Finance Minister assured IMF officials that Pakistan will comply with all the conditions to revive the stalled ninth review and will receive $1.2 billion which boosted the market.

On the forex front, exchange companies yesterday announced they would remove the dollar cap in the open market, supporting the IMF's primary condition of a market-based exchange rate.

Hopefully, this will pave the way for resuming the Fund programme.

The IMF's funding will reduce the uncertainty in the country and increase inflows from other countries as well.

By the session’s end, the total volumes of the KSE-100 index stood at 148.83mn shares, increased by 32.67% DoD from 100.21mn shares traded on Tuesday.

Out of 100, shares of 93 companies were traded on Wednesday, of which 72 registered an increase, 20 recorded a fall, and one remained unchanged.

In terms of sectors, most of the positive contributions came from commercial banks, fertilizer, oil & gas exploration, cement, and technology which cumulatively added 578.64 points to the index tally by the day’s end.

Meanwhile, the volume leaders on the benchmark index were PPL (13.28mn), SNGP (12.26mn), TRG (9.34mn), FCCL (8.61mn), and CNERGY (8.09mn).

The scrips which gained the most during the session included: RMPL (6.15%), MARI (1.89%), NESTLE (0.44%), ARPL (3.05%), and ENGRO (4.77%). On the other hand, the stocks that emerged as net losers during the day included PSEL (0.59%), ABOT (1.76%), HINOON (1.11%), LCI (0.88%), and SYS (0.58%).

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