KSE-100 gains 305 points amid positive sentiments

KSE-100 gains 305 points amid positive sentiments

KARACHI: The benchmark KSE-100 index gained 305 points on Tuesday owing to positive sentiments prevailed over expected inflows from the IMF.

The KSE-100 of Pakistan Stock Exchange (PSX) closed at 47,758 points as against previous day’s closing of 47,453 points, showing an increase of 305 points.

The International Monetary Fund (IMF) has announced an allocation of $650 billion to boost global liquidity. Pakistan is likely to get around $2.8 billion out of the allocation by month end.

Analysts at Arif Habib Limited said that the market continued moving up today albeit with an improvement in traded volumes.

O&GMCs, Banks, Refinery, Technology and Textile sectors contributed positively to the index whereas E&P and Steel sector stocks remained under pressure.

Optimism brewed on the back of rupee depreciation that will have positive bearing on the earnings of Textile, Technology & E&P sectors; as well as upcoming financial results.

Among scrips, WTL topped the volumes with 36.3 million shares, followed by TELE (29.4 million) and BYCO (29.3 million).

Sectors contributing to the performance include Cement (+64 points), Technology (+63 points), Banks (+55 points), O&GMCs (+42 points) and Refinery (+26 points).

Volumes increased from 252.3 million shares to 443.2 million shares (+75 per cent DoD). Average traded value also increased by 75 per cent to reach US$ 98.8 million as against US$ 56.4 million.

Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TPL and CPHL, which formed 30 per cent of total volumes.

Stocks that contributed positively to the index include TRG (+51 points), HBL (+24 points), MEBL (+21 points), MLCF (+19 points) and POL (+17 points).

Stocks that contributed negatively include ENGRO (-10 points), OGDC (-10 points), HMB (-9 points), PAKT (-8 points) and HUBC (-8 points).

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