- Finance Minister Ishaq Dar's claim that deal with IMF will be signed 'soon' encourages market participants
The Pakistan Stock Exchange saw a positive session on Monday and the KSE-100 Index rose 0.15% as investors waited for announcement of the staff level agreement (SLA) of Pakistan with the International Monetary Fund (IMF).
Last week, Finance Minister Ishaq Dar said that the deal will be signed “soon” hence market participants were encouraged by the statement.
At close on Monday, the KSE-100 Index recorded an increase of 62.98 points or 0.15% to close at 41,856.85.
Trading began with a spike and the market hit an intra-day high in initial hours. The market erased few of the gains by day end.
Index heavy oil and gas space closed with gain however, automobile, chemical and banking segments closed with loss.
A report from Arif Habib Limited stated that a positive session was recorded at the PSX to begin the week.
“The market opened in the green zone and traded with positive sentiments as bulls derived the index to make an intraday high of 497.90 points in hopes of getting the SLA agreement signed between the government and IMF on Monday or Tuesday as stated by the finance minister,” it said. “The investors remained optimistic throughout the trading session as healthy volumes were witnessed across the mainboard while the E&P sector remained in the limelight.”
A report from Capital Stake stated that investors of PSX witnessed a jittery session on Monday.
“Indices traded in green for most part of the day while volumes inclined from last close,” it said.
On the economic front, rupee came under pressure against the US dollar and depreciated Re0.84 and 0.3% in the inter-bank market on Monday to close at 281.61.
Volume on the all-share index rose to 289.3 million from 272.7 million on Friday. The value of shares traded rose to Rs10.3 billion from Rs6.8 billion recorded in the previous session.
Hascol was the volume leader with 42.5 million shares followed by Telecard Limited with 25.9 million shares and Oil and Gas Development Company XD with 18.5 million shares.
Shares of 340 companies were traded on Monday, of which 147 registered an increase, 169 recorded a fall and 24 remained unchanged.