Pakistan Stock Exchange stays bullish with an eye on the IMF Executive Board
Business
Pakistan Stock Exchange stays bullish with an eye on the IMF Executive Board
KARACHI (Web Desk) – The Pakistan Stock Exchange continued with moving in the upward trajectory on Wednesday as the benchmark KSE-100 Index at one point touched 45,564.15, gaining over 400 points.
The bullish trend comes with the expectations that the IMF Executive Board will approve the staff-level agreement reached for a $3 billion stand-by arrangement (SBA) later in the day.
Read more: Pakistan on IMF Executive Board agenda today as country awaits $3bn deal's future
During the session, the KSE-100 Index vacillated between a high of 45,582.30 and low of 45,200.35 as it closed at 45,575.47 after a gain of 419.68 points, or 0.93 per cent, against yesterday’s closing of 45,155.79.
Earlier on Tuesday, the market remained bullish as it surged to 45,250.48 after receiving the news that Saudi Arabia had deposited $2 billion with the central bank.
It touched the highest level in 14 months as the investors have regained their confidence after Pakistan struck a deal with the IMF on June 30.
By the time trading was closed on Wednesday, the benchmark KSE-100 Index stood at 45,155.79 (representing a 1.28 per cent gain) against the previous closing of 44,585.12.
Since resumption of trading after the Eid holidays and the IMF deal, the benchmark index has so far gained 4,120.78 points. On June 27, it had closed at 41,452.69.
As far as the KSE-100 Index is concerned, the Wednesday’s session saw a trading of 97 stocks with an overall volume of over 200 million [204,866,086 to be exact] shares, showing a marked reduction when compared with 247,962,924 shares during the previous session.
During trading, 97 stocks were on offer out which the share prices of 48 companies were down, 47 went up while the remaining two remained unchanged.
As far as the volume leaders are concerned, Unity Food topped the list with trading of 20,334,208 shares. It was followed by Pakistan International Bulk Terminal 18,192,500, Bank of Punjab 16,243,000, Pakistan Petroleum 12,589,811 and Maple Leaf Cement 12,066,419.
The largest gains in share prices were made by Service Industries 7.50pc followed Meezan Bank 6.66pc, Shifa International Hospitals 6.06pc, Colgate-Palmolive 5.65 and Pakistan International Bulk Terminal 4.54pc.
When it comes to the decliners, Gadoon Textile Mills shed 6.45pc in terms of its share price. Atlas Honda lost 2.62pc, Mughal Iron & Steel 2.47pc, and Avanceon as well as Ghani Glass 2.45pc each.
