KSE-100 maintains winning streak with 1,061.63 points gain

January 26, 2023 (MLN): The benchmark KSE-100 index crossed the 40,000-index mark with 1,061.63 points gain (2.67% DoD), to settle at 40,846.53 points on Thursday.

The positive turn at Pakistan Stock Exchange (PSX) is attributed to the news of refinery policy has been finalized, and the high expectations of IMF ninth review revival.

Tahir Abbas, Head of Research at Arif Habib Limited said, “I believe that PKR depreciation is the main reason behind the sustainability in the market as currency devaluation was one of the primary conditions of IMF.”

He added, the government also 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.

By the session’s end, the total volumes of the KSE-100 index stood at 235.31mn shares, increased by 36.75% DoD from 148.83mn shares traded on Wednesday.

The KSE-100 index made an intraday high of 40,994.69 and an intraday low of 39,784.90 during the day.

Out of 100, shares of 95 companies were traded on Thursday, of which 81 registered an increase, 10 recorded a fall, and four remained unchanged.

In terms of sectors, most of the positive contributions came from commercial banks, fertilizer, cement, miscellaneous, and power gencos which cumulatively added 809.55 points to the index tally by the day’s end.

Meanwhile, the volume leaders on the benchmark index were CNERGY (44.73mn), DGKC (13.47mn), MLCF (13.34mn), SNGP (12.74mn), and TRG (10.11mn).

The scrips which gained the most during the session included: PSEL (7.49%), NESTLE (2.15%), MARI (1.26%), LCI (3.14%), and ATRL (7.50%). On the other hand, the stocks that emerged as net losers during the day included ARPL (4.62%), ABOT (1.42%), HINOON (0.84%), EFUG (2.00%), and KOHC (1.18%).

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