KSE-100 index ticks up by 802 points on PAK-IMF talks

January 31, 2023 (MLN): The benchmark KSE-100 index represented a positive change on Tuesday, as it gained 802 points to settle at the 40,673 level.

At around 3:04 PST index hit an intraday high of 40,717.26 up by 846 points in today’s session.

Pakistan Stock Exchange (PSX) experienced a bullish trend on the back of the discussion between the government and IMF on economic and fiscal policies and reforms agenda to accomplish the ninth review under the Extended Fund Facility (EFF).

Investors are hoping that government will complete the ninth review timely to stabilize the economy of the country.

The conditions of IMF for the revival of the ninth review started after the government’s decision to remove the cap on the dollar in the open market last week, as well as raised the petrol and diesel prices by Rs35.

By the session’s end, the total volumes of the KSE-100 index stood at 93.01mn shares, increased by 15.6% DoD from 78.51mn shares traded on Monday.

Out of 100, shares of 89 companies were traded on Tuesday, of which 75 registered an increase, 14 recorded a fall.

In terms of sectors, most of the positive contributions came from fertilizer, commercial banks, oil & gas exploration, cement, and miscellaneous which cumulatively added 556.44 points to the index tally by the day’s end.

Meanwhile, the volume leaders on the benchmark index were PPL (10.19mn), MLCF (6.56mn), FCCL (4.78mn), OGDC (4.51mn), and HUBC (4.09mn).

The scrips which gained the most during the session included: PSEL (7.35%), COLG (7.40%), NESTLE (2.23%), MARI (3.37%), and INDU (2.14%). On the other hand, the stocks that emerged as net losers during the day included RMPL (7.49%), ATRL (2.10%), LCI (0.55%), HCAR (1.44%), and HINOON (0.28%).

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