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KARACHI: Bulls triumphed at the Pakistan Stock Exchange (PSX) on the first trading day of the week aimed hopes for resumption of the IMF’s Extended Fund Facility program.

The benchmark KSE-100 Index gained 1,372 points or 3.4 percent to close at 41,437 points on Monday compared to 40,065 points on Friday.

During the session the index hit 41,492 points intra-day high and 40,334 points intra-day low level.

The daily volumes on ready counter surged to 226.82 million shares as compared to 137 million shares traded on Friday. While total daily traded value on ready counter also rose to Rs 7 billion as against previous session’s Rs 3.3 billion.

On Monday, BRIndex100 increased by 167.3 points or 4.25 percent and closed at 4,104.17 points. It touched an intraday high of 4,108.39 points and an intraday low of 3,936.87 points with a total volume of 194.869 million shares.

BRIndex30 opened at 13,443.98 points. It touched an intraday high of 14,164.27 points and an intraday low of 13,443.98 points and closed at 14,117.29 points, which was 673.31 points or 5.01 percent higher than previous close. Total volume at BRIndex 30 was 130.33 million.

Analysts said that stock closed higher on speculation over Govt-IMF agreement over revised federal budget to pave way for IMF deal.

In addition, the national assembly has approved a revised federal budget with Rs 215 billion additional taxes, growth set at 3.5pc for FY24, and fiscal adjustments of Rs 300 billion to revive the IMF bailout package that played a catalyst role in the bullish close.

The market capitalization mounted up by Rs 173 billion to Rs 6.336 trillion up from Rs 6.613 trillion. Out of 327 active scripts, 269 closed in positive, 43 in negative while the value of 15 stocks remained unchanged.

WorldCall Telecom was the volume leader with 26.22 million shares and closed at Rs 1.12, followed by Fauji Fertilizer that closed at Rs11.61 with 13.14 million shares. Sui Northern Gas ranked third with 12.5 million

shares and closed at Rs 40.54.

Pak Tobacco and Colgate Palm were the top gainers increasing by Rs 43.66 and Rs 40.39 respectively to close at Rs 692.51 and Rs 1138.06 while Pak Services and Faisal Spinning were the top losers declining by Rs 63 and Rs 26.25 respectively to close at Rs 779.00 and Rs 323.75.

BR Automobile Assembler Index rose by 278.46 points of 3.59 percent to close at 8,026.48 points with a total turnover of 3,416,361.

BR Cement Index also gained 174.99 points or 3.93 percent to close at 4,632.87 points with a total turnover of 15,607,006. BR Commercial Banks Index increased by 338.41 points to close at 8,437.20 points with a total turnover of 15,911,767.

BR Power Generation and Distribution Index closed at 7,367.65 with a net positive change of 413.87 points or a percentage change of 5.95 and a total turnover of 18,404,297.

BR Oil and Gas Index closed at 3,814.00 with a net positive change of 88.54 points or a percentage change of 2.38 and a total turnover of 41,850,353. BR Tech. & Comm. Index increased by133.12 points or 3.81 percent to close at 3,629.07 points with a total turnover of 38,987,100.

Analysts said the week began with great hopes at the PSX for the Resumption of the IMF’s 9th review of the Extended Fund Facility after the Prime Minister met with MD IMF over the weekend in an attempt to revive the halted program.

Following this development, the SBP announced that import restrictions would be lifted to help the industrial sector. Investors were active throughout the day, with substantial purchasing seen across the board. Overall, healthy volumes were recorded, they added.

Sectors contributing to the performance include Commercial Banks (+332.6pts), Fertilizer (+193.3pts), Power Generation & Distribution (+145.4pts), Cement (+138.6pts) and Technology & Communication (+117.1pts). Stocks that contributed significantly to the volumes were WTL, FFBL, SNGP, OGDC and TPLP.

Copyright Business Recorder, 2023

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