BAFL 47.90 Increased By ▲ 1.40 (3.01%)
BIPL 21.38 Increased By ▲ 0.23 (1.09%)
BOP 5.49 Decreased By ▼ -0.04 (-0.72%)
CNERGY 4.99 Increased By ▲ 0.09 (1.84%)
DFML 18.92 Increased By ▲ 0.10 (0.53%)
DGKC 80.00 No Change ▼ 0.00 (0%)
FABL 31.80 Increased By ▲ 0.95 (3.08%)
FCCL 20.09 Decreased By ▼ -0.30 (-1.47%)
FFL 9.49 Decreased By ▼ -0.07 (-0.73%)
GGL 13.52 Decreased By ▼ -0.45 (-3.22%)
HBL 119.50 Increased By ▲ 1.55 (1.31%)
HUBC 122.00 Decreased By ▼ -1.80 (-1.45%)
HUMNL 7.98 Increased By ▲ 0.03 (0.38%)
KEL 3.76 Increased By ▲ 0.25 (7.12%)
LOTCHEM 28.11 Decreased By ▼ -0.44 (-1.54%)
MLCF 41.99 Decreased By ▼ -0.11 (-0.26%)
OGDC 120.50 Decreased By ▼ -0.51 (-0.42%)
PAEL 19.21 Increased By ▲ 0.37 (1.96%)
PIBTL 5.70 No Change ▼ 0.00 (0%)
PIOC 114.95 Increased By ▲ 1.24 (1.09%)
PPL 108.80 Increased By ▲ 0.45 (0.42%)
PRL 29.58 Increased By ▲ 1.76 (6.33%)
SILK 1.07 No Change ▼ 0.00 (0%)
SNGP 68.13 Decreased By ▼ -1.27 (-1.83%)
SSGC 13.60 Increased By ▲ 0.35 (2.64%)
TELE 8.76 Decreased By ▼ -0.03 (-0.34%)
TPLP 14.10 Increased By ▲ 0.45 (3.3%)
TRG 89.88 Decreased By ▼ -2.06 (-2.24%)
UNITY 27.15 Increased By ▲ 0.49 (1.84%)
WTL 1.61 Increased By ▲ 0.04 (2.55%)
BR100 6,548 Increased By 3.9 (0.06%)
BR30 23,243 Increased By 32.3 (0.14%)
KSE100 63,853 Decreased By -64.7 (-0.1%)
KSE30 21,279 Decreased By -73 (-0.34%)

KSE-100 retreats to end marginally positive after early-morning gains

  • Report of IMF seeking assurance from Pakistan that its balance of payments deficit is fully financed for the remaining period of the programme erodes positivity from the market
Published March 6, 2023

Profit-booking erased intra-day gains at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index settled with a minor 0.24% increase amid reports that the International Monetary Fund (IMF) programme could still be delayed.

At close on Monday, the KSE-100 Index settled at the 41,434.33 level, an increase of 97.33 points or 0.24%. It had earlier hit an intra-day high of 41,797.71.

Last week on Friday, the benchmark KSE-100 Index had closed over 600 points up, with investors hoping that an action plan to appease the International Monetary Fund (IMF) was now complete.

On Monday, across-the-board buying was witnessed among index-heavy sectors including, automobile assemblers, cement, chemical, commercial banks and oil and gas sector before the descent began.

KSE-100 index closes 600 points up amid hope of IMF programme revival

Experts attributed the early-morning positive sentiment to expectation over revival of the stalled IMF Extended Fund Facility (EFF) programme, and reports of inflows from friendly countries.

“Realization of inflows from the Industrial and Commercial Bank of China (ICBC) and expectation of further funds from the Chinese multilateral provided respite to the marke,” a market analyst told Business Recorder.

The market expert said that the IMF board meeting is expected to be held in April, and the disbursement of funds to Pakistan may take further time. “However reaching a staff-level agreement with the international lender would bring in much-needed stability into the market,” they said.

The analyst also said that the country’s exports and remittance inflows are not expected to see much growth in the coming weeks due to global economic conditions. “However, the upcoming Eid season may support remittance inflows”.

Addressing economic concerns, Finance Minister Ishaq Dar on Friday had said China has renewed a facility under which Pakistan expected an additional inflow of $500 million in the next few days and another $500 million later this month.

“Pakistan has made payments of around $2 billion to China Development Bank and ICBC (Industrial and Commercial Bank of China) and $3.5 billion have been given to banks in other countries,” he said.

Later on Friday, Pakistan’s central bank received $500 million from the ICBC, the first of three disbursements that were approved for rollover, informed Dar.

Pakistan recently also received an inflow of $700 million from the China Development Bank, a loan that helped increase the central bank-held foreign exchange reserves to a little over $3.8 billion. The level is still at less than one month of import cover.

A mid-day report, however, that the IMF wants Pakistan to give an assurance that its balance of payments deficit is fully financed for the remaining period of the programme eroded positivity from the market.

Volume on the all-share index rose to 221.5 million from 194.8 million on Friday. The value of shares traded decreased to Rs7.3 billion from Rs7.8 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 42.07 million shares followed by Telecard Limited with 18.07 million shares and TPL Properties with 10.64 million shares.

Shares of 334 companies were traded on Monday, of which 206 registered an increase, 111 recorded a fall and 17 remained unchanged.


Comments are closed.

KSE-100 retreats to end marginally positive after early-morning gains

Intra-day update: rupee strengthens against US dollar

Open market: rupee unchanged against US dollar

Illegal foreigners impact Pakistan’s security, economy: COAS

Death toll from fire at Karachi’s Ayesha Manzil rises to 5

Israel advances in south Gaza city as fearful civilians search for safety

Soaring pollution in Pakistan’s Lahore fills wards with sick children

Oil rebounds from six-month-low but demand concerns linger

‘Illegal’ LCs, forex market speculation: MoF set to share list of banks with SIFC today

Govt likely to drop 137 PSDP nonstarters

Loss-making Discos: FD opposes PD’s proposal