KSE-100 settles over 46,000 for first time since November

Positive momentum continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index closed over the 46,000 level for the first time since mid-November amid hope that the International Monetary Fund (IMF) programme would be revived.

Both volume and value of shares traded improved from the last session, adding to the KSE-100's gains that has now registered an over 2.7% increase in the last week.

On Wednesday, the benchmark index started off on a positive note, and maintained the upward momentum throughout the day, gaining 464.11 points to record an intra-day high of 46,138.61.

At close, the KSE-100 settled with an increase of 444.65 points or 0.97% to finish at 46,119.15.

“The day kicked off on a positive note over IMF Executive board which will take the 6th review due today where Pakistan expect $1 billion under the Extended Fund Facility. Meanwhile, Pakistan received $1 billion of Sukuk proceeds that further garnered investor interest,” said Topline Securities in its post-market comment.

The International Monetary Fund’s (IMF) Executive Board will take the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan on the agenda in its meeting scheduled for Wednesday (Feb 2).

Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.

KSE-100 gains for second successive day, up 0.66%

On the corporate front, Bank Alfalah Limited announced its earnings for CY21 at Rs14.4 billion, a YoY increase of 33% with Earnings per Share (EPS) of Rs8.12.

Volumes on the all-share index increased to 360.8 million, up from 312.5 million on Tuesday. Value of shares traded also inched up to Rs10.94 billion, up from Rs9.49 billion a day ago.

Hum Network was the volume leader with 48.79 million shares, followed by Telecard Limited with 28.28 million shares, and Treet Corporation with 26.31 million shares.

Shares of 381 companies were traded on Wednesday, of which 269 registered an increase, 91 recorded a fall, and 21 remained unchanged.