Stock market blooms ahead of IMF loan announcement

October 09, 2018 (MLN): The KSE 100 index has finally managed to wrench itself out of the black hole following clarifications regarding a possible IMF bailout package to alleviate the economy.  

The stock market had faced the longest losing streak in five months until today, when the finance ministry announced that the government had decided to approach the IMF for stabilisation and an economic recovery programme after the stock market suffered a drop of over 1,300 points.

Losing nearly Rs. 270 billion of its capitalization following the massive plunge, it is considered the highest single-day loss in a decade. The market capitalisation is estimated to have shrunk by almost half a trillion rupees during the current month as the 100-index dropped to a 10-month low.

The index kicked started on an extremely positive note, gaining around 1000 points during the initial hours of the day. Gaining 606.55 points by the day end, the index has ultimately closed in at 38,504 points

The index soared high mainly due to Oil & Gas Exploration Companies, Commercial banks and Fertilizer sectors as they collectively contributed around 571 points to the index.

Among the index heavy weights, OGDC (+5%), PPL (+4.49%), POL (4.82%) and ENGRO (+3.46%) weighed in the rise of the index.

Within a range of 1129 points, an intraday high of 39,027 points was recorded whereas the intraday low remained at 37,898 points. About 124 million shares traded today for the scrips listed on the benchmark index.

Likewise, the broader KSE All Share gained 356 points by the day end, closing in at 28,229 points. An intraday high of 28,576, points was recorded for the KSE All Share index, while the intraday low sunk to 27,543 points today.

Over 224 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs.9.7 billion.

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