PSX Closing Bell: 100-Index recovers by 279.35 points

December 07, 2022 (MLN): The capital market on Wednesday witnessed a bullish session as investors cheered the news flows wherein the Finance Division clarified that no economic emergency is going to be imposed. Meanwhile, Finance Minister Ishaq Dar said that the government is engaged with three major shareholders of the IMF in order to obtain timely inflows from the fund.

Furthermore, the drop in the oil prices in the international market has also kept the investors’ sentiments elevated.

While speaking to MG Link News, Cheif Executive Officer at Arif Habib Commodities, Ahsan Mehanti said that stocks showed recovery led by selected scrips on reports over advanced stage Pak- IMF 9th review talks, FM commitment over completion of IMF program with timely external debt payment and speculation over positive outcome Pak-Russia oil deal.

He further added, "Likely release of IMF $1.18bn tranche and rupee stability played a catalyst role in bullish close".

Resultantly, the benchmark KSE-100 index gained 279.35 points to settle at 41,819.29, marking an intraday high of 41,900.81.

By the session’s end, the total volumes of the KSE-100 index stood at 69.41mn shares, increased by 49.62% DoD from 46.39mn shares traded on Tuesday.

Shares of 93 companies were traded on Wednesday, of which 55 recorded an increase, 35 registered a fall, whereas three remained unchanged.

In terms of sectors, major contributors were cement, technology, and commercial banks which positively contributed 150 points.

Meanwhile, the volume leaders on the benchmark index were TRG (9.37mn), SNGP (7.05mn), CNERGY (5.47mn), ILP (5.19mn), and FABL (2.44mn).

The stocks that emerged as net gainers during the day included: PSEL (7.50%), COLG (1.89%), LUCK (2.31%), SRVI (2.87%), and HINOON (1.57%). On the other hand, the scrips which lost the most during the session included RMPL (3.90%), IBFL (3.01%), ABOT (0.97%), GLAXO (2.84%), and PSMC (0.98%).

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