KSE-100 rises 0.55% on Ishaq Dar’s comments
- Finance minister had said Pakistan will soon sign staff level agreement with IMF
The Pakistan Stock Exchange (PSX) witnessed a positive session on Thursday and the KSE-100 Index rose 0.55% after Finance Minister Ishaq Dar announced that Pakistan and the International Monetary Fund (IMF) will reach a staff-level agreement in the next few days.
The market is awaiting the staff-level agreement to make investment decisions at the stock exchange.
KSE-100 inches up marginally in volatile session
At close on Thursday, the KSE-100 Index recorded an increase of 226.61 points or 0.55% to close at 41,585.54.
Trading began with a jump but a selling spree dragged the market lower by midday. The benchmark index then rose at a steady pace to end the day with gain.
Automobile, cement, chemical, banking, and fertiliser sectors ended the day with gains.
A report from Capital Stake stated that bulls took charge of the PSX on Thursday.
“Indices accumulated gains all day long, while volumes surged from last close,” it said. “Finance minister’s statement that staff-level agreement with IMF expected in few days improved investors’ confidence.”
A report from Arif Habib Limited stated that another affirmative day was witnessed at the PSX.
“The benchmark KSE-100 traded in the positive zone throughout the trading session as the investors remained optimistic on the Staff Level Agreement between the government and IMF for the 9th tranche of the Extended Fund Facility.”
It added that investors’ participation remained active all through the session maintaining the bullish momentum all day. Volumes across the board remained healthy while the cement sector stayed in the spotlight.
On the economic front, rupee remained at the receiving end against the US dollar and depreciated Rs3.18 or 1.13% to close at 282.3 on Thursday.
Sectors painting the benchmark KSE-100 index in green included, cement (88.73 points), power generation and distribution (49.16 points) and oil and gas exploration (44.27 points).
Volume on the all-share index rose to 229.1 million from 162.9 million on Wednesday. The value of shares traded increased to Rs7.4 billion from Rs6.3 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 26.6 million shares followed by Telecard Limited with 17.1 million shares and Maple Leaf Cement with 12.4 million shares.
Shares of 324 companies were traded on Thursday, of which 205 registered an increase, 100 recorded a fall and 19 remained unchanged.