KSE-100 rises 0.53% as investors remain hopeful for revival of IMF deal

The Pakistan Stock Exchange (PSX) sustained the rising momentum on Wednesday and rose 0.53% to close above 41,000-point mark.

The surge was led by investor optimism over the expected revival of International Monetary Fund (IMF) programme.

By the end of the trading session, the benchmark index was up 217.76 points or 0.53% to close at 41,167.6.

KSE-100 rises 0.68% amid thin trading volumes

Trading began with an uptick but the market traded in a narrow range for most part of the day. Late session buying activity propped up the gains.

A report from Arif Habib Limited stated that bullish trend at the PSX resumed.

“The benchmark KSE-100 index opened in the green and continued to trade in that territory throughout the session, owing to the positive dynamics generated by a potential staff level agreement between the government and the IMF for the 9th tranche of the Extended Fund Facility,” it said. “Volumes increased dramatically after extraordinary financial earnings were announced by the banking and cements sector, boosting investor confidence.”

Capital Stake stated in its report that bulls outshined the bears once again at the PSX.

“Indices traded in green for most part of the day while volumes surged from previous close,” it said. “An upward trend prevailed in the market as investors hope for positive news from the government regarding IMF loan revival.”

On the economic front, rupee gained Re0.61 or 0.23% in the inter-bank market on Wednesday to close at 261.9.

Sectors driving the benchmark KSE 100 index north included banking (123.57 points), cement (68.44 points) and power generation and distribution (53.47 points).

Volume on the all-share index skyrocketed to 196.5 million from 96.5 million on Tuesday. The value of shares surged to Rs6.4 billion from Rs4.6 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 44.2 million shares followed by Maple Leaf Cement with 22.4 million shares and Oil and Gas Regulatory Authority with 10.4 million shares.

Shares of 331 companies were traded on Wednesday, of which 185 registered an increase, 122 recorded a fall and 24 remained unchanged.