KSE-100 index up 322 points on IMF program hopes

KSE-100 index up 322 points on IMF program hopes

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Thursday gained 322 points on expected resumption of IMF program.

The KSE-100 index closed at 45,821 points as against previous day’s closing of 45,500 points, showing an increase of 322 points.

Analysts at Arif Habib Limited said that a clear signal of concluding IMF review and resumption of IMF Package by Shaukat Tarin swayed the index to add a total of 665 points during the session, which has cumulatively added around 3000 points since the near term bottom of 43200 points.

Bank and E&P stocks contributed the most, whereas selling pressure was witnessed in Technology and Cyclicals (Cement and Steel) sectors.

After making an intra-day high, Investors resorted to profit booking that brought the net gains to reach 322 points at the end of session.

Anticipation of interest rate hike by SBP in the coming monetary policy helped the banking sector stocks to stage a rally, and E&P stocks inched up on the prospects of US$100/bbl for international crude oil price.

Among scrips, BOP topped the volumes with 25.5 million shares, followed by TELE (24.2 million) and HUMNL (23.8 million).

Sectors contributing to the performance include Banks (+220 points), E&P (+97 points), Fertilizer (+80 points), Cement (+31 points) and Chemical (+29 points).

Volumes increased from 308.1 million shares to 338.3 million shares (+10 per cent DoD). Average traded value also increased by 29 per cent to reach US$ 76.8 million as against US$ 59.7 million.

Stocks that contributed significantly to the volumes include BOP, TELE, HUMNL, WTL and UNITY, which formed 34 per cent of total volumes.

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