Stocks at the Pakistan Stock Exchange (PSX) closed the final session of the week on a high note amid statements by the International Monetary Fund (IMF).
During the trading session, the benchmark KSE-100 accumulated gains all day long while both the volume and value of shares surged compared to the previous session.
Capital Stake, a brokerage house, in its report said that investors were optimistic about a favourable resolution regarding the new conditions established by the IMF.
The development pushed the benchmark index to an intra-day of 66,067.53. At close, the KSE-100 index settled at 65,793.76, a gain of 190.67 points or 0.29%.
A positive trend was witnessed during trading, with index-heavy stocks including OGDC, PSO, CNERGY and SHEL settled in the green.
In a key development, the IMF said it “stands ready” to send its mission to Pakistan mission for the second review of the Stand-by Arrangement (SBA) after a new cabinet is formed. Separately, it also said that it was ready for the formulation of a new, medium-term programme, should the Pakistan government request it.
Meanwhile, on the political front, Prime Minister Shehbaz Sharif said on Thursday that the presidential candidate of the ruling coalition, Asif Ali Zardari, would be elected with an overwhelming majority on March 9.
On Thursday, PSX had ended another trading session on a flat note, while both the value and volume of shares traded at the KSE-100 declined on a day-to-day basis. The index settled at 65,603.09 level, a decline of 53.53 points or 0.08%.
Globally, Asian stocks rose to a seven-month peak on Friday, tracking global peers as investors cheered the prospect of an imminent rate easing cycle led by major central banks, keeping the dollar and Treasury yields under pressure.
Japan remained an outlier as expectations mount that the Bank of Japan (BOJ) could finally exit negative interest rates this month.
That lit a fire under the yen and sent domestic bond yields rising.
MSCI’s broadest index of Asia-Pacific shares outside Japan peaked at 538.47 points in early Asia trade, its strongest level since August.
It was last 1% higher and was eyeing a weekly gain of nearly 2%.
Meanwhile, the Pakistani rupee recorded another gain against the US dollar, appreciating 0.09% in the inter-bank market on Friday. At close, the local unit settled at 279.04, a gain of Re0.25, against the greenback, as per the State Bank of Pakistan.
Volume on the all-share index increased to 481.7 million from Rs354.15 million a session ago.
The value of shares improved to Rs16.99 billion from Rs14.4 billion in the previous session.
K-Electric Ltd was the volume leader with 59.08 million shares, followed by Cnergyico PK with 51.47 million shares, and Kohinoor Spinning with 45.95 million shares.
Shares of 357 companies were traded on Friday, of which 208 registered an increase, 119 recorded a fall, while 30 remained unchanged.
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