KSE-100 index gains 870 points on IMF talks resumption

KSE-100 index gains 870 points on IMF talks resumption

KARACHI: The KSE-100 index registered an increase of 870 points on Wednesday as investors’ sentiments improved on IMF talks resumption.

The benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) at 45,500 points as against last trading on October 18, 2021 at 44,629 points.

Analysts at Arif Habib Limited said that as the news of resumptions of dialogue with IMF team relayed, investors’ concerns over the package started dissipating, causing the Index to make an upward swing.

Cement, Technology, Banks, Fertilizer stocks remained in the limelight. Cement stocks led the index on news of Cement companies increasing the cement price / bag, whereas dwindling outflows from foreign counters in Banks and Fertilizer stocks also helped these sectors post healthy gains.

Among scrips, WTL led the volumes with 49.3 million shares, followed by HUMNL (24.7 million) and BYCO (15.6 million).

Sectors contributing to the performance include Banks (+201 points), Cement (+160 points), Technology (+106 points), Fertilizer (+79 points) and Textile (+49 points).

Volumes increased from 248.2 million shares to 308.2 million shares (+24 per cent DoD). Average traded value also increased by 18 per cent to reach US$ 59.8 million as against US$ 50.8 million.

Stocks that contributed significantly to the volumes include WTL, HUMNL, BYCO, TELE and UNITY, which formed 39 per cent of total volumes.

Stocks that contributed positively to the index include TRG (+65 points), LUCK (+58 points), ENGRO (+50 points), HUBC (+49 points) and HBL (+44 points). Stocks that contributed negatively include OGDC (-8 points), NESTLE (-7 points), HGFA (-6 points), GHGL (-5 points) and KAPCO (-4 points).

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