Pakistan equities gain 200 points amid optimism on IMF loan

Pakistan equities gain 200 points amid optimism on IMF loan

KARACHI: Pakistan equities gained 200 points on Wednesday as investors are optimistic over policy-level agreement for International Monetary Fund (IMF) loan program.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,723 points from previous day’s closing of 41,523 points, showing an increase of 200 points.

READ MORE: Pakistan stocks witness bull-run on hopes of IMF tranche

Analysts at Arif Habib Limited said that the PSX recorded a productive session during the day.

The market opened in the green and traded within the same range as investors continued to be optimistic about the potential policy-level agreement between the government and IMF mission.

READ MORE: Stocks jump by 720 points as Pakistan intends to adhere IMF conditions

Due to the resolution of the Gas Circular debt, the E&P sector remained in the spotlight although volumes remained strong overall.

Sectors contributing to the performance include Technology & Communication (+77.2 points), OMCs (+46.5 points), Pharmaceuticals (+44.1 points), Chemical (+15.7 points), and Cement (+13.1 points).

READ MORE: Weekly Review: IMF talks outcome to set market direction

Volumes increased from 293.6 million shares to 297.8 million shares (+0.4 per cent DoD). The average traded value decreased by 2.5 per cent to USD 44.2 million as against USD 45.3 million.

Stocks that contributed significantly to the volumes are WTL, OGDC, PPL, LOTCHEM and KEL.

READ MORE: Pakistan currency crash brings down stock market by 262 points