KSE-100 recovers some losses, up 0.43%
- Indices sway in both directions while volumes decline from previous close
Tables turned at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index ended the session 0.43% higher on Wednesday.
Indices swayed in both directions at the bourse, while volumes declined from the previous close.
By the end of the trading session, the benchmark index was up 176.70 points or 0.43% to close at 41,326.86.
Index-heavy sectors including, automobile, cement, chemical, fertiliser, oil & gas exploration companies and OMCs closed with gains while commercial banks settled in the red.
KSE-100 falls over 500 points owing to economic uncertainty
Experts attributed the gain to the government’s latest measures taken to appease the International Monetary Fund (IMF) for the resumption of the stalled programme.
“Pakistan equities posted a positive session today as the country has started meeting IMF conditions to reach staff-level agreement,” said Ismail Iqbal Securities Limited in a note on Wednesday.
The federal government on Wednesday introduced the Finance (Supplementary) Bill, 2023, announcing various amendments that feature fiscal measures of Rs170 billion (approximately $640 million) through additional taxes as agreed with the IMF.
“Indices slipped lower for most part of the day while volumes fell from previous close,” it said. “Analysts attributed the decline to lack of clarity over the resumption of the IMF programme, and the deteriorating macroeconomic indicators.”
Pakistan government and the IMF could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks, but said negotiations would continue.
Pakistan is in dire need of funds as it battles a wrenching economic crisis.
On the economic front, as per data released by the State Bank of Pakistan (SBP), the Pakistani rupee gained Rs1.96 or 0.74% against the US Dollar.
Meanwhile, the value of shares declined to Rs6.1 billion from Rs7.9 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 12.6 million shares followed by Cnergyico PK Limited with 7.8 million shares and Hub Power Company with Limited 7.2 million shares.
Shares of 321 companies were traded on Wednesday, of which 149 registered an increase, 156 recorded a fall and 16 remained unchanged.