The Pakistan Stock Exchange (PSX) closed the first trading session of 2022 in the green, as the benchmark KSE-100 Index registered a gain of 0.65%, while both volume and value of shares traded declined on a day-to-day basis.
The index found resistance near the 45,000-point level, but still managed to close with a gain of 291 points.
At close on Monday, the index finished with an increase of 290.82 points or 0.65% to end at 44,886.89.
"Going forward, the market direction will be determined by the government's ability to strike a deal with the International Monetary Fund (IMF) in order to revive the dormant $6-billion Extended Fund Facility (EFF),” said AKD Securities in its note.
“Delay in revival of the same will keep the market performance jittery and we may see some selling pressure in the market. Volumes are also likely to remain low as the investors may adopt a wait-and-see approach,” it added.
On the economic front, Federal Minister for Energy Hammad Azhar informed that the government has appointed Muzzammil Aslam as spokesperson on energy issues as well.
“He will be performing this role in addition to his role as spokesperson to Finance Minister,” he said.
On the corporate front, Avanceon Group of Companies has secured a high value five-year contract to set up and maintain industrial data center infrastructure for one of the largest FMCG corporations in Pakistan.
PSX ends last day of 2021 on a high, KSE-100 up 0.4%
Sectors driving the benchmark index upwards included fertiliser (54.58 points), cement (52.95 points), and technology & communications (49.22 points).
Volume decreased, clocking in at 195.16 million on the all-share index, down from 317.65 million on Friday. The value of shares increased marginally to Rs10.83 billion, up from Rs10.34 billion.
Pakistan International Bulk Terminal was the volume leader with 12.58 million shares, followed by TPL Properties with 11.09 million shares, and Ghani Global Holdings with 10.81 million shares.
Shares of 362 companies were traded on Monday, of which 212 registered an increase, 137 recorded a fall, and 13 remained unchanged.