KSE-100 increases 0.48% owing to hopes of breakthrough in talks with IMF

The Pakistan Stock Exchange (PSX) saw an upbeat trading session on Wednesday and the KSE-100 Index rose 0.48% as investors expected a breakthrough in talks between Pakistan and the International Monetary Fund (IMF) on the ninth review of economy.

Moreover, recovery in rupee against dollar lent further support to the uptrend.

By the end of the session, the KSE-100 Index was up 200.56 points or 0.48% to close at 41,723.32 points.

KSE-100 rises 0.81% on optimism over resolution of gas sector circular debt

Trading began upward but the market erased gains near midday. A buying spree, at this point, lifted the KSE-100 Index upward and helped it close in green.

Automobile, cement, fertiliser, oil and gas segments ended the day with gains while banking sector closed mixed.

A report from Arif Habib Limited noted that “the market opened in the green and traded within the same range as investors continued to be optimistic about the potential policy-level agreement between the government and IMF mission”.

“Due to the resolution of the gas circular debt, the exploration and production sector remained in the spotlight although volumes remained strong overall,” it said.

Sectors driving the benchmark KSE-100 Index north included technology and communication (77.65 points), oil and gas exploration (46.51 points) and pharmaceutical (44.05 points).

Volume on the all-share index inched up to 297.8 million from 296.6 million on Tuesday. The value of shares contracted to Rs12.1 billion from Rs12.5 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 64.5 million shares followed by Oil and Gas Development Company with 22.3 million shares and Pakistan Petroleum with 15.9 million shares.

Shares of 346 companies were traded on Wednesday, of which 185 registered an increase, 132 recorded a fall and 29 remained unchanged.