Pakistan stocks end up 666 points on IMF tranche hopes

Pakistan stocks end up 666 points on IMF tranche hopes

KARACHI: Pakistan stocks ended up 666 points on Friday as investors again hoped finalization of tranche under International Monetary Fund (IMF) program.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,337 points from previous day’s closing of 40,671 points, showing an increase of 666 points.

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Analysts at Arif Habib Limited said that the bulls prevailed at the stock market during the day.

The session began in the negative zone, but bulls quickly turned the tide, with the index reaching an intraday high of 688.23 points.

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Investors rejoiced in the aftermath of optimism for the resumption of the stalled IMF program following the interest rate hike, which provided much needed clarity in the market, as well as the Finance Minister’s statement that the staff level agreement was anticipated in the coming week.

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Volumes remained robust across the board as investors sought to increase the value of their portfolio holdings

Sectors contributing to the performance include E&P’s (+204.6 points), Commercial Banks (+93.3 points), Miscellaneous (+77.9 points), Technology & Communication (+72.2 points), and OMCs (+69.3 points).

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Volumes increased from 152.1 million shares to 194.8 million shares (+28.0 per cent DoD). The average traded value decreased by 2.4 per cent to USD 27.9 million as against USD 28.5 million.

Stocks that contributed significantly to the volumes are BIPL, WTL, OGDC, BOP and PPL.