Pakistan stocks gain 290 points on IMF visit report

KARACHI: Pakistan stocks gained 290 points on Friday on reports that IMF team is visiting the country next week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,007 points from previous day’s closing of 40,717 points, showing a gain of 290 points.

Analysts at Arif Habib Limited said that the week ended in the green zone for the PSX.

The market opened positive in the first session, but activity remained subdued through the end of the session.

However, the bulls rallied as soon as the second session resumed with the news of an IMF team visiting Pakistan in the next week, and volumes climbed significantly across the board.

Although major activity was recorded in the E&P and Refineries sector in expectations of resolution of gas circular debt.

Sectors contributing to the performance include E&P’s (+118.0 points), Technology & Communication (+81.0 points), Miscellaneous (+64.9 points), Fertilizer (+62.3 points), and Inv. Banks / Inv. Cos. / Securities Cos. (+35.4 points).

Volumes increased from 111.8 million shares to 182.0 million shares (+62.8 per cent DoD). The average traded value also increased by 119.5 per cent to USD 29.9 million as against USD 13.6 million.

Stocks that contributed significantly to the volumes are CNERGY, KEL, PRL, PPL and WTL.